888 Holdings Revenue Up 42% To $86 Million In Q3 2011November 1, 2011 8:44 am
Online gambling company 888 Holdings has released its financial figures for Q3 2011 showing a 42% increase in its revenue to $86m from $61m a year earlier.
The results are the best quarterly revenue ever achieved by the company and the market reacted to the news by sending its share price higher. 888 shares, which had fallen by 13% over the past six months, are currently trading at 34.25p, valuing the UK company at around £117.1 million ($187 million).
A strategic review by 888 Holdings in Q2 lead the company into concentrating more on its offerings to consumers instead of business-to-business products which, as Deputy Chairman Brian Mattingley commented, is now paying dividends.
“In the past we spent a lot of development time into areas that are not our core products. So now we concentrate on casino, poker, bingo and to a lesser extent, sport,” he said.
Overall, B2C revenue was up 45% to $74m yoy, with B2C Casino up 41% to $37m and B2C Poker up an incredible 120% to $18m. In addition, there was a 167% increase in active B2C Casino and Poker customers to 442,000 in Q3 2011 compared to 165,000 in Q3 2010.
888 Holdings can now boast 10.1 million real money registered customer between its Casino, Poker and Sport offerings, which is an increase of 24% since 2010.
Over the first three quarters of 2011, 888 Holdings revenue is now up by 26% to $240m compared to $191m over the same period in 2010, and commenting on the positive figures, Deputy Chairman Brian Mattingley stated:
“Our compelling offering and successful marketing campaigns have helped to build on our outstanding first nine month performance and drive player numbers to record levels. Strength across all of our platforms leaves us well positioned for the future.”
“Trading has continued to be strong into the fourth quarter, and as such we expect that clean EBITDA for the financial year ending 31st December 2011 will be significantly ahead of current market expectations.”