888 Holdings Q4 Operating Income Helps Prop Up 2009 Overall Results

888 Holdings Q4 Operating Income Helps Prop Up 2009 Overall ResultsU.K. online gaming group 888 Holdings plc have released its fourth quarter 2009 results, which show an increase in its Q4 operating income of 14% to $68m compared to $60m in Q4 2008. The figure is also 12% higher than its previous Q3 results.
However, the total operating income for the group dropped 6% to $247m in 2009 compared to $263m in 2008, and it was the success of its business-to-business (B2B) arm Dragonfish, which saw its operating income rise 33% to $51m, that helped prop up the otherwise disappointing figures.
Within the B2C arm, casino operating income dropped 13% from a year earlier to $119m, mostly due to unfavourable exchange rates, while poker experienced a significant fall of 30% in 2009 to $52m. Nevertheless, gains were made in 888 Holdings emerging market offering, which soared 82% to $25m compared to the 2008 operating income figure.
The first quarter of 2010 has started positively for the company with the first five weeks showing an increase in average daily operating income of 7% compared to Q4. In addition, 888 Holdings has seen its Casino, Poker and Sport real money registered customer accounts increase between 31 December 2008 and 2009 by 24% to 7.1 million.
888 chief executive Gigi Levy said: “Overall, trading during the quarter was strong across the business. Dragonfish continues its impressive growth, and in B2C, casino and emerging offering were particularly strong, with poker also returning to growth quarter on quarter. 
“Our positive momentum continues into 2010 and, supported by the successful Wink acquisition and our various business initiatives, we expect to grow the business further during the current year.”
888 Holdings plc shares are currently trading at 104.20 up 1.36% on the day’s trading so far.

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