888 Revenue Rises 26% To $331m In 2011March 27, 2012 12:51 pm
Online gambling business 888 Holdings has released its financial figures for 2011, revealing a 26% increase in revenue to $331.1 million, while company profits were also up by 94% to $55.6 million.
At the end of 2010, 888 reached a crisis point after its pre-tax profits slumped 57% to $15.1m from $34.6m in 2009. In April, 2011, 888 CEO Gigi Levy then left the post with Brian Mattingley stepping in as the interim CEO. One year on, and commenting on the impressive results, 888 chairman Richard Kilsby said:
“The exceptional results reported today are a testament to Brian and his team, and the renewed focus on core competencies that he has instilled throughout the business. 888 is in an excellent position and, as the industry moves towards a greater emphasis on regulation, notably in the United States, his experience will enable 888 to capitalise on the opportunities ahead.”
Assisting 888’s impressive turnaround was a 22% surge in customer accounts to 10.6 million across its Casino, Poker and Sport verticals, helped especially by the successful relaunch of its poker room ‘Poker 6.’
Following the 2011 results, it was announced that Brian Mattingley had been appointed the new CEO with immediate effect, with the former chief executive of Gala Regional Developments Limited, commenting:
“I am delighted and proud to have officially taken the helm at 888. 2011 has been a phenomenal year for us, refocusing on our core product offer and the success of our Poker 6 platform has delivered exceptional growth across all key metrics.”
Looking ahead, 888 said that Q1 of 2012 has started positively, with average daily revenue up over 2%, and average daily new customer recruitment up over 15%, compared to the solid Q4 results of 2011.
In early trading, 888 shares are currently up 2.75% to 62.25p, which is close to its 52 week high of 63p and over twice its 52 week low of 28.25p. The company’s Market Capitalisation is presently valued at £216.48m