888 Holdings H1 Earnings Fall

888 Holdings Plc (888.L), an owner of gaming websites and brands, on Friday posted a decline in earnings for the first half, reflecting lower sales and higher legal and professional costs associated with the acquisition of William Hill, and expenses related to the disposal of Bingo business.

For the first-six month period to June, the gaming firm posted a pre-tax profit of 14.4 million pounds, compared with last year's 41.9 million pounds. Adjusted profit before tax amounted to 33 million pounds, less than 54.2 million pounds a year ago.

Net profit was at 12 million pounds or 2.9 pence per share, compared with 36.7 million pounds or 9.7 pence per share of previous year period. Excluding items, earnings per share was at 7.5 pence, less than 13.2 pence per share of last year.

Operating profit moved down to 15.1 million pounds, from 44.9 million pounds, registered for the first-half of 2021. Adjusted EBITDA was at 50 million pounds, versus 70.3 million pounds of last year's two quarter period.

The Gibraltar-headquartered firm registered revenues of 332.1 million pounds, as against 380.9 million pounds, during the corresponding period of previous fiscal.

Moving forward, the company expects its revenues in the second half to be in line with revenues in the first half of 2022.

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