ONLINE GAMING AND SPORTS BETTING DRIVE ANOTHER SUCCESSFUL HALF-YEAR FOR 888 HOLDINGS
Online gambling group continues to set new performance benchmarks.
Online gambling group 888 Holdings has posted its H1-2016 results, showcasing outstanding performances from both casino and sports betting verticals, and noting the following financial highlights:
* Revenue increased by 19 percent to US$262 million (H1 2015: US$220 million);
* B2C revenue up by 21 percent to US$229.5 million (H1 2015: US$189.6m);
* Casino revenue rose 31 percent to US$137.4 million (H1 2015: US$104.9m);
* Sport revenue increased by 63 percent to US$25 million (H1 2015: US$15.3m);
* Revenue from regulated markets was up 29 percent and now represents 63 prcent (H1 2015: 58 percent) of group revenue;
* Adjusted EBITDA up by 8 percent to US$44.1 million (H1 2015: US$40.9m); EBITDA increased by 36 percent to US$38.2 million (H1 2015: US$28 million) despite adverse currency movements of US$3 million;
* Profit before tax increased by 39 percent to US$27.8 million (H1 2015: US$20m);
* Interim dividend of 3.8¢ per share declared (H1 2015: 3.5¢ per share)
The group reported the following operational highlights:
* Strong Casino performance with active players in Q2 2016 up 35 percent year-on-year driven by premium content;
* Outstanding Sport growth boosted by successful Euro 2016 football, accelerated marketing investment and launching in new regulated markets (Italy and Denmark);
* Mobile driving growth across product verticals and accounting for 56 percent of UK revenue (H1 2015: 43 percent);
* Continued strong progress in Spain with full product suite driving revenue up 58 percent;
* Excellent momentum in Italy with revenue up 44 percent supported by the launch of Sport in Q1 2016;
* Continued encouraging performance in Denmark following successful launch in Q3 2015;
* Casino, Poker and Sport real money registered customer accounts up 7 percent at 21.9 million;
Group CEO, Itai Frieberger, reported to stakeholders:
"888 has delivered a very encouraging performance in H1 2016, driven by outstanding momentum at 888Casino and 888Sport where we achieved impressive revenue increases of 31 percent and 63 percent 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 percent against the prior year, reflecting strong performances in the UK, Spain and Italy as well as 888s recent successful launch in Denmark.
"888s 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.
"Trading in Q3 has started well with average daily revenue until 27 August 2016 15 percent. above strong previous year comparatives and 22 percent. higher on a like for like basis."