International edition
September 23, 2020

Revenue was up by 9% to USD 244.9M

A weaker interim report from 888 Holdings

A weaker interim report from 888 Holdings
Due to its bid for bwin.party, online gambling group 888 Holdings plc has been much in the news this month, & the interest in the group has been boosted by its latest half-year results, released Friday.
United Kingdom | 08/31/2015

Due to its bid for bwin.party, online gambling group 888 Holdings plc has been much in the news this month, & the interest in the group has been boosted by its latest half-year results, released Friday.

T

he report for the period to end June 2015 highlights:

* Revenue up by 9 percent to US$244.9 million although reported revenue declined by 2 percent to US$220 million (H1 2014: US$225.1m);

* B2C like for like revenue increased by 11 percent to US$213.6 million, but reported B2C revenue declined by 1 percent to US$191.1m (H1 2014: US$192.8m);

* B2B like for like revenue decreased by 3 percent to US$31.3 million, with reported B2B revenue down by 10 percent to US$28.9 million (H1 2014: US$32.3m) impacted by adverse currency movements;

* Adjusted EBITDA fell by 17 percent to US$40.9 million (H1 2014: US$49.0m), thanks largely to the introduction of UK point of consumption & EU VAT during the period amounting to US$19.5 million;

* Adjusted EBITDA margin decreased to 18.6 percent (H1 2014: 21.8 percent);

* Adjusted profit before tax decreased by 10 percent to US$30.5 mllion (H1 2014: US$34.0m);

* Profit before tax decreased by 41 percent to US$20 million (H1 2014: US$34.0m);

* The company reported a strong balance sheet with net corporate cash of US$65 million (31 December 2014: US$95.6m);

Operational Highlights included:

* Mobile driving growth across product verticals & accounting for 43 percent of UK GGR (H1 2014: 29 percent);

* On 30 June 2015, 888 had 19.2 million Casino, Poker & Sport real money registered customer accounts, representing an increase of 7 percent from 31 December 2014;

* Online casino active players up 22 percent;

* 888poker active players up 4 percent;

* Bingo active players up 18 percent driven by strong mobile performance;

* Sport revenue up 81 percent reflecting increasing brand traction;

* Market share increased in Spain driven by positive response to newly introduced slots;

* Progress in Italy driven by fresh Casino content & introduction of mobile in H2 2014;

* Progress in regulated US market with launch of Multistate Poker Network across Nevada & Delaware;

* Post the reporting period end, sport betting licence obtained in Ireland & casino, poker & sport betting licenses obtained in Denmark.

Chief executive Brian Mattingley said that the group had again delivered an "encouraging" performance in both operational & business terms, with strong increases in active players & first time depositors despite the new point of consumption tax in the UK, VAT in certain European markets & adverse currency movements.

"On a like for like* basis revenue was up by 9 percent year on year driven primarily by sustained strong growth in Casino & exceptional momentum in Sport, which recorded a revenue increase of 81 percent," Mattingley said. "We have made further progress across regulated markets in Spain, following the introduction of mobile, Sport and, more recently, video slots & in Italy, driven by our mobile offering & new Casino content.

"The Board remains confident of achieving its full year expectations. We are well positioned to deliver long term sustainable growth & look forward with confidence as we continue to develop the business."

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