Flying High…strong 2016 sees 888 declare 82% profit increase

Driven by strong organic growth in its regulated market operations, the governance of FTSE250 online gambling operator 888 Holdings has labelled 2016 as ‘another fantastic year’.

The continued growth of its B2C casino division, supported by a marked uplift in its sports betting wagering would see 888 declare group corporate revenues of US $520 million (FY 2015: $462million). 

Closing its 2016 performance, 888’s improved revenue performance would transfer to further core group metrics, as the company would declare a group EBITDA of $90 million, combined with full-year operating profits of $59 million.

Updating its investors, 888 governance would declare a raised end-of-year dividend of 5.1 cents per share combined with a one-off 10.5 cents per share, bringing the total to 19.4 cents per share for FY 2016, representing a 25% increase from 2015.

888 Holdings 2016 performance metric  overview

Detailing corporate highlights, 888 governance would point to a strong casino offering, backed by a dynamic mobile product which had led to a 27% increase in player activity.

In 2016, the firm was able to improve its commercial pipeline, entering the regulated markets of Denmark and Romania. Furthermore, 888 revealed that it had added 23 ‘new skins’ to its Dragonfish white-label network.

Itai Frieberger CEO of 888, commented on corporate performance:

“2016 was another fantastic year for 888 during which we continued to deliver very strong organic revenue and profit growth. This was again underpinned by further outstanding progress in Casino, Sport and across regulated markets. 888′s further expansion in the UK, Spain and Italy is a strong demonstration of the Group’s ability to drive excellent growth and build leading market positions across regulated markets as the industry continues to head in this direction. These strong results demonstrate the truly outstanding underlying momentum in the business.”

Offering a trading update, Frieberger, would further detail to investors:

“Current trading since the start of the year remains healthy with average daily revenue more than 11% above the previous year at constant currency. Our Board continues to see a number of significant growth opportunities for 888 both in new and existing markets and we look forward to another exciting year of progress.”

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