888 Holdings posts another record quarter
Tuesday November 4,2014 : STRONG QUARTERLY FROM ONLINE GAMBLING GROUP
888 Holdings posts another record quarterly, with online casino operations performing particularly well.
888 Holdings plc has posted another outstanding set of quarterly results, disclosing its performance numbers for the third quarter in an interim management statement for the period from 1 July 2014 to today, and incorporating the Group's third quarter trading period from 1 July 2014 to 30 September 2014.
Q3-2014 highlights include:
* Q3 Group revenue at an all time record of US$114 million (Q3 2013: US$94 million), an increase of 22 percent year-on-year;
* Q3 revenue B2C at US$98 million (Q3 2013: US$83 million), an increase of 19 percent year-on-year;
* Q3 revenue B2C Casino at US$56 million (Q3 2013: US$45 million), an increase of 23 percent year-on-year;
* Q3 revenue B2C Poker at US$23 million (Q3 2013: US$22 million), an increase of 3 percent year-on-year;
* Q3 revenue B2C Bingo at US$11 million (Q3 2013: US$10 million), an increase of 9 percent year-on-year;
* Q3 revenue B2C Emerging Offering at US$9 million (Q3 2013: US$5 million), an increase of 84 pecent year- on-year, lead by strong Sport performance, reflecting a successful FIFA World Cup and leveraging 888's newly integrated Sport platform capabilities;
* Q3 revenue B2B at US$16 million (Q3 2013: US$11 million), an increase of 41 percent year-on-year driven by US operations and Bingo;
* Number of active customers B2C Casino and Poker at 584,000 (Q3 2013: 498,000), an increase of 17 percent compared to Q3 2013;
* Number of active customers B2C Casino at 175,000 (Q3 2013: 172,000), up 1 percent compared to Q3 2013;
* Number of active customers B2C Poker at 482,000 (Q3 2013: 385,000), an increase of 25 percent compared to Q3 2013;
* Quarterly revenue B2C per active Casino and Poker customer was US$134 (Q3 2013: US$135), a 1 percent decrease year-on-year;
* Quarterly revenue B2C per active Casino customer was US$319 (Q3 2013: US$264), a 21 percent increase year-on-year;
* Quarterly revenue B2C per active Poker customer was US$47 (Q3 2013: US$57), an 18 percent decrease year-on-year;
* As at 30 September 2014, 888 had 17.3 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 16 percent from 30 September 2013.
Management reported on current trading, observing:
"Revenue in October was more than 6 percent higher year on year and the Board now anticipates reporting an Adjusted EBITDA outcome for the full year ahead of current analyst consensus."
Chief executive officer Brian Mattingley said Tuesday:
"I am delighted to report that 888 has continued its strong performance in Q3, delivering an all time quarterly revenue record of $114 million. This was driven by an outstanding performance from Casino, reflecting our leading product and superior technology, as well as impressive growth in Sport, our B2B business and Bingo.
"We continue to build customer numbers reflecting the core strengths of the 888 brand, our leading product offer and CRM systems. With our highly skilled and innovative team, we continue to look forward with confidence as we further develop the business."
The company also reported on its business-to-business activity, noting that Dragonfish revenue of US$16 million (Q3 2013: US$11 million), was up 41 percent year-on-year driven by US operations and Bingo.
Overall performance for the nine months ended 30 September 2014 included:
* Revenue up 16 percent to US$339 million (2013: US$294 million);
* Revenue B2C up 12 percent to US$291 million (2013: US$260 million);
* Revenue B2C Casino up 17 percent to US$163 million (2013: US$140 million);
* Revenue B2C Poker up 3 percent to US$71 million (2013: US$69 million);
* Revenue B2C Bingo up 9 percent to US$35 million (2013: US$33 million);
* Revenue B2C Emerging Offering up 17 percent to US$22 million (2013: US$19 million).
Dragonfish
* Revenue B2B up 40 percent to US$48 million (2013: US$34 million);
As at 31 October 2014, the 888 group had US$148 million of cash and cash equivalents and US$60 million liabilities to customers.
