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Record turnover as 888 post strong 2013 performance

brianmattingly

Brian Mattingley

888 Holdings published its earnings report for 2013, the results saw a positive performance for 2013 as the operator generated a record turnover. 888 Holdings posted a full year revenue of $401 million (€290.6 million), the figure represent a 7% increase on the $376 million posted by 888 Holdings for 2012.

888 holdings B2C division, contributed the majority of revenue (82%),  the operator had witnessed a 7% growth in performance revenues  as its B2C revenues increased from $330 million in 2012 to $352 million in the last 12 months.

The operator reported that adjusted EBITA had increased by 13% to $76 million for 2013 (2012 – £67 million). 888 Hodings performance was further supported by positive results displayed in profit earnings before tax, which grew by 30% to $53 million ($41 million)

Online gambling operator 888 Holdings said it was able to achieve record turnover in the 12 months through to December 31, 2013, due to the performance of its brands, platforms and marketing systems.

Player acquisition to its brands, had seen seen a growth of 19% as new player acquisition increased throughout its product range. 888 Holdings stated that its products  now serve 15.5 million customers worldwide.

The positive results displayed by the operator had been driven by strong performance delivered by its core brands. 888 Holdings further highlighted that new strategic marketing initiatives had helped the operator grow its business and maintain operational profit margins in 2013.

More positive news were announced as the operator additionally stated that it had started 2014 in a positive manner with average daily revenues up by more than 8% on  2013 results

Brian Mattingley, chief executive officer of 888, commented on the company’s results: “I am delighted to report that we have delivered record-breaking revenue and increased our profitability, driven by our strong brands, exceptional platforms and best-in-class marketing systems.Casino delivered another strong performance and we made further market share gains in Poker, advancing to number two in the PokerScout global rankings at the year end.

“We have also significantly strengthened our offering in sport, which is delivering positive results. We have started 2014 well, with average daily revenue up more than 8% in the year to date, and look forward to the year ahead with continued confidence.

SBC Performance Overview

Financial Highlights 

  •  Revenue increased 7% to US$401m (2012: US$376m)
  •  B2C Revenue increased 7% to US$352m (2012: US$330m)
  • Adjusted EBITDA* increased 13% to US$76m (2012: US$67m)
  •  Adjusted EBITDA* margin increased to 18.9% (2012: 17.8%)
  •  Profit before tax increased 30% to US$53m (2012: US$41m)
  •  Final dividend at 4.0 cents per ordinary share per policy (2012: 4.5 cents), and due to strong performance the Board is recommending an additional one-off dividend of 7.0 cents per share (2012: 2.0 cents), bringing the total dividend per share for the year to 14.0 cents per share (2012: 9.0 cents)
  •  Adjusted EPS increased 19% to 16.6 cents per share (2012: 13.2 cents)
  •  As at 31 December 2013, 888 had 15.5 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 19% from 31 December 2012

Operational Highlights

  • Continued strong performance in core Casino and Poker products
  • Improved 888 Sport offering delivering positive results
  •  Further excellent progress in Spain
  • Successful launch in regulated US states:
  • World Series of Poker (WSOP) brand, powered by 888’s gaming platform and technology, launched in Nevada in September 2013
  •  Launch of iGaming in Delaware in November 2013 with poker, casino table games and casino slots powered by 888
  • o 888casino and 888poker brands (through AAPN joint venture) launched alongside WSOP brand in New Jersey in November 2013