Proactive Investors - 888 Holdings PLC (LON:888)’s interim results next Tuesday, 15 August, will be the company’s final update before appointing new chief executive Per Widerstrom.
London listed-888 could therefore be eyeing a fresh page, given its scandal-hit year which culminated in a dramatic showdown with activist investor FS Gaming over who would take charge.
Widerstrom’s appointment is due to take effect in October and comes after FS Gaming’s consortium of former Entain PLC (LON:ENT) executives made a move for 888’s leadership roles.
This followed 888’s run-in with regulators over supposed substandard money laundering protections within its Middle Eastern operations, which proved to be the final nail in the coffin for ex-chief executive Itai Pazner in January.
To make matters worse, “widespread and alarming” issues within subsidiary William Hill resulted in a record £19.2 million fine being dealt in March.
“It has been a difficult year for 888,” interactive investor analyst Victoria Scholar commented. “Widerstrom’s appointment could open up a new, more positive chapter for the group.”
Given 888’s licence is still under review by the UK’s Gambling Commission, Peel Hunt analysts noted the absence of any new information should mean the company avoids “material” challenges.
Aside from the dramatics, 888 is still poised to deliver full-year pre-tax earnings in line with market expectations of between £344 million and £357 million, analysts tipped.
At the half-year stage, this should translate to adjusted pre-tax earnings of £170 million and revenue of £892 million, Peel Hunt continued.
“888 has been through a turbulent corporate time recently [but] the group remains on track” with the search for a new chief financial officer “presumably” also underway.