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888 Releases Full Year 2015 Financials, Notes Revenue Increase

Internet betting firm 888 Holdings has released their 2015 full year financial results, noting an increase in revenues, but a 50% drop in profit due to the implementation of the UK point of consumption tax.

Key financial indicators for the full year ending December 31st, 2015 were:

  • Like for like revenue increase of 12% to $507.7 million (2014: $454.7 million); reported revenue increased 2% to $462.1 million.

  • Like for like B2C revenue increased 14% to $444.2 million (2014: $390.8m); reported revenue increased 3% to $402.6 million.

  • Like for like Casino revenue increased 18% to $261.4 million (2014: $220.6 million); reported Casino revenue increased 5% to $230.6m (2014: $220.6m)

  • Revenue from regulated territories increased to represent 59% of Group revenue (2014: 55 percent)

  • B2B revenue of $59.5 million (2014: $63.9 million) impacted by adverse currency movements

  • Adjusted EBITDA of $80.6 million (2014: $100.7 million), which the company described as a resilient outcome given newly introduced gaming duties in 2015 of $32.2 million, $10.2 million (2014: nil) in relation to newly introduced VAT in certain EU member states as well as adverse currency movements; EBITDA of $59.4 million (2014: $97.3 million)

  • Adjusted EBITDA margin of 17.4% (2014: 22.1 percent); EBITDA margin of 12.9% (2014: 21.4 percent)

  • Adjusted profit before tax of $55.5 million (2014: $67.9 million); Profit before tax of $32.5 million (2014: $67.9 million)

  • Strong cashflow performance with net cash generated from operating activities of $85.0 million (2014: $111.9 million)

  • Corporate cash net of customer liabilities of $96.2 million (2014: $95.6 million)

  • Final dividend of 4.0 cents per ordinary share per policy (2014: 4.5 cents) and due to strong performance the Board recommended an additional one-off dividend of 8.0 cents per share (2014: 7.0 cents), bringing the total dividend per share for the year to 15.5 cents per share (2014: 15.0 cents)

  • 13% increase in active B2C customers attributed to marketing expertise and innovative CRM

  • Mobile continues to drive growth across product verticals, now representing 47% of UK B2C revenue (2014: 33 percent)

  • Continued outperformance in Casino with 37% increase in active players

  • 888Poker maintained No. 2 position in global poker liquidity rankings

  • 888Sport continued outstanding growth with revenue up 74% against strong comparatives

  • A trading update revealed that daily average revenues for the first quarter are 20% higher than last year, giving an optimistic look for the first quarter financials, which will come next month.

Commenting on his company's performance 888 CEO Itai Frieberger said, "2015 was a very successful year for 888 during which we maintained our excellent operational momentum. This strong performance reflects the continued execution of our focused growth strategy as well as the quality of our brands, best-in-class technology and CRM expertise and was achieved despite the significant external challenges that impacted the online gaming industry and our profitability."

"With our excellent operational momentum, leading online gaming brands and technology edge, the Board remains confident of delivering long term sustainable growth and we look forward with confidence as we continue to develop 888."

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1 reply • Last post


Fortune HunterFortune Hunter
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Location: Sofia, Bulgaria
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26 March 2016 - 12:30am

As a whole it looks like a successful year for 888 although many other gambling companies noted a higher increase in revenues than them, I think online gambling business still not yet reached his full potential so the increase in revenues of the companies will continue in the next year or two.

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