888 Holdings’ H1 Profits Down 43% In 2009

The gambling websites company 888 Holdings has shown a drop in profits of 43% in its 1st half financial report released on August 27th, with this half year’s pre-tax profits down to $15 million from $26 million in the same period in 2008.
Overall revenue has declined by 13% from  $135.4 million in 2008 H1 to $117.9 million in 2009. Revenue from its casino business declined 20% from $69.8 million in 2008 to $55.9 this year but its 888 Pacific Poker revenue experienced the sharpest drop by 35% from $40.2 million last year to just $26.2 million in 2009. 888 attributed the decline in revenue to currency movements and difficult market conditions which echoed recent statements released by many businesses with their mid-year financial reports.
Whereas the company suffered a 21% decline in its operating income from business to customers, one area which 888 did experience healthy gains was in its business to business dealings via its company Dragonfish. This was up 42% from $17 million in H1 2008 to $24.3 million in H1 2009 , which helped to offset losses from other areas in the company.
Dragonfish has been involved in many deals this year including developing an online casino and sports book with Racing Post, teaming up with online bingo businesses and moving in to the casino and poker room business in the Balkans. 
Gigi Levy, the CEO of 888 Holdings commented on the first half results: “The first six months of trading for 888 in 2009 have demonstrated the strength of the combined business model that comprises a world class B2C operator and an innovative and comprehensive B2B service provider. While consumer sentiment is still weak and currencies remain volatile, we are trading solidly.”
Going forward in the year Gigi Levy predicted, “We have reason to believe that we will see the typical seasonal patterns return, namely a broadly flat third quarter and growth in the fourth quarter,”
Yesterday 888 Holdings share price was 86.75p down 8%, giving the company a current value of $523 million.

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