888 Holdings Revenue Up 29% To $79m In Q2 2011

UK online gaming company 888 Holdings plc has released its latest financial results, showing a 29% growth in the groups’ revenue to $79 million in the second quarter of 2011.
Central to 888 Holdings’ latest impressive revenue figures was a strong performances in the company’s casino and poker offerings.
Across the board, poker revenues was up a massive 58% to $13m compared to $8m in 2010, with customer numbers leaping 90% to 231,000 active players year-on-year. In addition, casino revenues also rose a healthy 34% to $36m compared to $27m in the same period last year, with player numbers rising a staggering  134% to 159,000 compared to Q2 2010.
Additionally, the company’s B2B division, known as ‘Dragonfish,’ also reported a 28%
increase in revenue to $12 million and later commenting on 888 Holdings’ impressive results, Deputy Chairman Brian Mattingley said:
“This quarter has seen strong performance in B2C for 888 especially in Poker and Casino. We have been focused as ever on our goals, further bolstering our B2C performance and leveraging our industry-leading offerings, while maintaining our Dragonfish brand presence and B2B deal pipeline.”
888 Holdings’ overall revenue is now up 18% to $154 million for the first half of 2011, compared to $130m over the same period last year, prompting Mattingley to announce:
“..we are confident, given the strength of current trading, that the company will report a financial performance for the full year to 31 December 2011 marginally ahead of current market expectations.”
Despite the second quarter results,certain concerns still remain such as the fact that revenue per active poker and casino customer has fallen by 32% to $141, with casinos showing a 43% decline to $223 and  active poker players down 17% to $55 compared to the 2010 figures.
Nevertheless, the latest announcement was greeted favourably by the market with shares in the company rising 5.3% to 34,75p in early trading.
888 Holdings has now seen its share price fluctuate between 63.25p and 30.25p over a 52 week period, with the gaming group’s market valuation currently priced at £122.2 million pounds ($197 million).

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