‘Outstanding’ 888 Hits Record Revenues
Published on by Andrew Mills
888 holdings governance has announced record revenues for H1 (period ending June 30th), citing ‘outstanding casino and sports growth’ as the reason.This is particularly good news for 888 in the wake of their attempted takeover of William Hill alongside Rank Group, which they finally walked away from in August after no deal could be made.The revenue of the FTSE-250 company has risen to $262 million, a 19% rise from the $220 million the company raised in the same period in 2015.
Record breaking
The record breaking revenue rise would translate to a period EBITDA of $38 million, up from $28 million last year, this is despite the effects of an adverse currency movements of circa $3 million.Record growth was seen was seen throughout all of the core divisions of 888, with active players up 35% year on year for Q2, this highlights the strong performance of its casino product.
Encouraging performance
Itai Frieberger, Chief Executive Officer of 888, said:“888 has delivered a very encouraging performance in H1 2016, resulting in a 19% increase in Group revenue to a record $262.0 million. This strong outcome was driven by outstanding momentum at 888 Casino and 888 Sport where we achieved impressive revenue increases of 31% and 63% respectively.“In line with our strategic focus we have made further excellent progress developing 888 in regulated markets and have grown regulated revenue by 29% against the prior year, reflecting strong performances in the UK, Spain and Italy as well as 888’s recent successful launch in Denmark.”“888’s continued success is built on our first class technology and core expertise in CRM, marketing and analytics. These strengths, along with the fantastic efforts of our highly skilled and dynamic team, mean that the business is in excellent shape to deliver long term sustainable growth… With this strong momentum the Board remains confident of delivering against expectations for the full year.”