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888 Holdings Issues First Half Results

Online gaming company 888 Holdings has released its second half numbers, with strong results being revealed. The strong numbers are a relief to a company that had a rough first half, after the company saw multiple executives resign their posts.

888 Deputy Chairman Brian Mattingley stated, “This is a very strong set of results driven by good operating performances across our business lines. We have improved our offer, experienced good levels of new customer sign ups and activity has been at record levels. We are in good shape and, bolstered by our renewed strategic focus, are well positioned to take advantage of opportunities as they arise in newly regulated markets. The Board is confident that the Company will report a financial performance for the full year to 31 December 2011 in line with current market expectations.”

888's first half key indicators were:

  • Group revenues increasing 18% over the same period last year to $154 million.

  • Revenue B2C up 18% over the same period last year to $131 million.

  • Casino revenue up 16% over the same period last year to $69 million. There was also an increase of active customers, which rose by 134% to 159,000.

  • Poker revenues were up 22% over the same period last year to $24 million, which also included a 90% increase in active customers.

  • Bingo revenues were up 17% over the same period last year to $27.6 million.

  • Emerging offering revenues were $10.2 million, up 28% over the same period last year.

  • B2B Revenue (Dragonfish) was up 16% over the same period last year to $23 million.

  • Adjusted EBITDA was up by 59% over the same period last year to $20 million.

  • Real money registered accounts company wide (casino, poker and sportsbetting) were up 21% over the same period last year to 9.6 million customers.

  • The company issued a strategic review which resulted in a refocused business strategy with the goal of maximizing revenues and expanding profit margins.

  • The company launched an Italian site, 888.it and a B2B partner after it obtained certification of its products by Italian gaming regulator Amministrazione Autonoma dei Monopoli di Stato (AAMS).

Overall the company posted an accounting loss for the year, as it opted to take an impairment charge of more than $20 million. The charge is for Mytopia, a social gaming development company that 888 Holdings acquired last year, which resulted in an adjusted loss before taxes of $15.5 million, versus a profit of $8.4 million last year during the first half.

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