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888 Holdings Releases Full Year 2011 Financial Results

Online wagering company 888 Holdings plc has released its full year 2011 financial results, highlighting increased revenues and an overall strong performance.

Key financial indicators for the period ending December 31st, 2011:

  • Revenue increased 26% to US$331.1 million (2010: US$262.1 million)

  • B2C Revenue increased 28% to US$284.2 million (2010: US$221.7 million)

  • B2B Revenue increased 16% to US$46.9 million (2010: US$40.4 million)

  • EBITDA increased 94% to US$55.6 million (2010: US$28.6 million)

  • EBITDA margin increase to 17% (2010: 11%)

  • On 31 December 2011, 888 had 10.6 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 22% since 31 December 2010.

  • Casino up at $148 million (FY 2010: $116.9 million)

  • Poker up at $60.6 million (FY 2010: $38.4 million)

  • Bingo up at $54 million (FY 2010: $50.1 million)

  • Emerging offering up at $21.6 million (FY 2010: $16.2 million)

Operational highlights for 888 Holdings were:

  • Appointment of Brian Mattingley as interim CEO

  • Implementation of a refocused strategy - maximising revenues and expanding profit margins

  • The successful launch of Poker 6; and the recent launch of Casino 50

  • Successful launch in Italy

  • Agreement with Caesars International Enterainment in the US - the first strand in a US-focused online strategy.

Commenting on his company's performance, CEO Brian Mattingley said:

"I am delighted and proud to have officially taken the helm at 888. 2011 has been a phenomenal year for us, refocusing on our core product offer, and the success of our Poker 6 platform has delivered exceptional growth across all key metrics."

"We are more than ready to take advantage of liberalisation in the industry. We have a unique position in the US allowing the launch of a real money offering immediately once either federal or state based regulation is finalised and upon licensing by gaming authorities."

"The promising start of 2012 demonstrates healthy growth over and above the strong Q4,2011 and underpins our strategy and expectations for 2012."

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