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888 Posts Strong First Half Numbers

Internet wagering group 888 Holdings plc has announced its first half 2012 financial results, highlighting higher revenues amid several positive results.

Key financial indicators for the period ending June 30th were:

  • Interim dividend reinstated at 2.5 cents per ordinary share

  • Revenue up 21% to US$186 million (H1,2011: US$154 million)

  • Revenue B2C up 25% to US$164 million (H1,2011: US$131 million)

  • Revenue B2C Casino up 20% to US$83 million (H1,2011: US$69 million)

  • Revenue B2C Bingo declined 2% to US$12.3 million.

  • Remarkably, revenue B2C Poker up 72% to US$41 million (H1,2011: US$24 million)

  • EBITDA up 81% to US$36 million (H1,2011: US$20 million)

  • EBITDA margin increased to 19% (H1,2011: 13%)

  • 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)

Commenting on his company's performance, 888 CEO Brian Mattingley said:

“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.”

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