888 Undergoing Organizational Structure Changes Results in Redundancies
LISTEN TO THIS ARTICLE:888 has announced that it will be restructuring its organizational framework. The news came as the operator posted an 8% decrease in annual revenue for the year 2023, falling to £1.71 billion.
888 explained that the adjustments are aimed at propelling the business towards its long-term objectives. While specific departments affected by the job cuts were not revealed, an 888 spokesperson did acknowledge that the organizational structure is being changed and there will be redundancies.
Revenue Down as Company Moves Away from Dotcom Markets
In its latest financial update, 888 reported an 8% decline in group revenue for the 2023 fiscal year, with the fourth quarter included. This downturn is primarily attributed to a deliberate shift away from dotcom markets, an adjustment impacting revenues by an estimated £80 million in 2023.
Further influencing this outcome were changes in customer composition in the UK, spurred by new, safer gambling protocols and a recalibrated marketing strategy prioritizing sustainable revenue and profitability. Despite these challenges, 888 views these shifts as instrumental in fostering a business mix of higher quality and sustainability, with regulated and taxed markets now contributing approximately 95% of the revenue.
888 CEO Remains Optimistic
Per Widerström, who was appointed CEO in October 2023, maintained an optimistic perspective on the past year’s developments. He lauded the strategic and operational strides made amidst considerable regulatory and compliance challenges.
Widerström emphasized the company’s fortified foundation for sustainable and profitable growth, highlighting strengthened compliance, a refined marketing investment approach, and an increased focus on recreational customers.
Recognizing the necessity for agility in regulatory and technological adaptations, Widerström affirmed the company’s commitment to proactive measures, including overhead cost reduction and investment reallocation towards growth, aligned with the newly established strategy and value creation plan.
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