888 Revenue Surges 21% To $186.4m In H1 2012August 29, 2012 1:02 pm
UK online gaming business 888 Holdings’ latest financial results have broken all previous records as the company revealed a 21% upsurge in its 2012 first half revenues to $186.4 million. Furthermore, 888 Holdings recorded a pre-tax profit of $18.4 million in H1 compared to a $22.1 million loss for the same period last year, and commenting on the impressive results a company statement read:
“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.”
Amongst the company’s star performers for the period was its online poker offering which rose 72% to $41.3 million from $24 million for the same period in 2011. In addition, 888 Holdings has doubled its poker revenue in the recently regulated Spanish market where it is now the 2nd biggest operator with a 24% share of the market.
Across its other verticals, Casino revenues still provided the company’s biggest share of revenue and was up 20% to $83.1 million. However, Bingo fell 2% to $26.9 million, while its business-to-business (B2B) line was also down by 1% to $22.2 million. Nevertheless, 888 Holdings overall results were impressive enough for the company to reinstate its interim dividend at 2.5c per share.
Turning its attention to the rest of 2012, 888 chief executive Brian Mattingley commented: “The second half of the year will see increased investment in Spain, where we will attempt to build on our 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.”
Not surprisingly the market responded positively to the financial figures and in early trading 888 shares were up by 5.5% to 87.04p giving the business a market valuation of around £270 million ($427.40 million).