888 performance ‘significantly ahead’ for 2014

stockmarketOnline gaming operator 888 has said that it expects to announce a first half performance ‘significantly ahead’ of last year’ in a surprise trading update to the London Stock Exchange.

For the six month period ended 30 June 2014, 888 said it has continued to deliver a very strong performance in comparison to the same period in the prior year. It added: “Whilst the outcome for the full year will be dependent on the Company’s trading during the second half, the Board continues to look forward with confidence.”

Investec analyst Andrew Fitchie suggested that this update could mean that EBITDA for the period to have increased by 10% or more. He added: “We have placed our forecasts (and price target under review), pending more detailed information at the interim results. Hypothetically, a 10% increase would result in an upgrade for full year EBITDA from $77.7m to $85.5m and pre-tax profit from $54.4m to $59.8m.”

 

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