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Interim Results

888 record H1 revenues

31 August 2016 07:22

888 reports record revenues of US$262.0m in the six months to the end of June - up 19% on last time.

B2C revenue increased by 21% to US$229.5m (H1 2015: US$189.6m) and Casino revenue increased by 31% to US$137.4m (H1 2015: US$104.9m). Sport revenue increased by 63% to US$25.0m (H1 2015: US$15.3m).

Revenue from regulated markets increased 29% and represents 63% (H1 2015: 58%) of total.

Adjusted EBITDA increased by 8% to US$44.1m (H1 2015: US$40.9m); EBITDA increased by 36% to US$38.2m (H1 2015: US$28.0m) despite adverse currency movements of US$3 million.

Profit before tax increased by 39% to US$27.8m (H1 2015: US$20.0m).

Interim dividend of 3.8c per share is up from 3.5c last time.

Chief executive Itai Frieberger "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 888Casino and 888Sport 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. Trading in Q3 has started well with average daily revenue until 27 August 2016 15 per cent. above strong previous year comparatives and 22 per cent. higher on a like for like basis. With this strong momentum the Board remains confident of delivering against expectations for the full year."

Story provided by StockMarketWire.com

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