Wednesday August 29,2012 : STRONG H1-2012 FROM 888
Dividend reinstated as internet gambling group surges forward
888 Holdings plc has released a strong set of half yearly results, highlighting:
* Interim dividend reinstated at 2.5 cents per ordinary share
* Revenue up 21 percent to US$186 million (H1 2011: US$154 million)
* Revenue B2C up 25 percent to US$164 million (H1 2011: US$131 million)
* Revenue B2C Casino up 20 percent to US$83 million (H1 2011: US$69 million)
* Revenue B2C Bingo declined 2 percent to US$12.3 million.
* Remarkably, revenue B2C Poker up 72 percent to US$41 million (H1 2011: US$24 million)
* EBITDA up 81 percent to US$36 million (H1 2011: US$20 million)
* EBITDA margin increased to 19 percent (H1 2011: 13 percent)
* PBT increase to US$30 million (H1 2011: loss US$15.5 million)
* Basic EPS increase to 7.2 cents (H1 2011: 1.0 cents)
The company reported increased investment in research and development, and in marketing up at US$13.9 million (H1-2011 US$12.9 million) and US$61.7 million (H1-2011 US$49.9 million) respectively.
Expenditure on gaming taxes and duties also rose dramatically to US$5.5 million (H1-2011 US$1.4 million).
Brian Mattingley, Chief Executive Officer of 888, commented:
“This has been an excellent first half of the year. The tremendous increase in customer numbers caused by the improvements in our product offering has led to these record results, with the highest revenues in the history of 888.
"On the back of this performance, the Board has decided to reinstate the interim dividend, while we retain the cash necessary to continue growing the company.
"The second half of the year will see increased investment in Spain, where we will attempt to build on our impressive market share, and also in the United States, where we are preparing for regulatory changes. We will also continue to invest in our technological platform, the cornerstone of our offer, and make improvements to our mobile channel.”