888 Holdings posts ‘resilient 2015’ despite increased regulatory impacts

brianmattingley

Presenting its audited full-year 2015 results (period ending 31 December 2015), the governance of FTSE listed igaming operator 888 Holdings (888) has described 2015 corporate performance as resilient in facing imposed regulatory impacts.

Outlining 2015 core metrics, 888 would post group revenues of $462 million (£320 million), 2% up on 2014’s $455 million. The operator noted that on a like-for-like basis its group revenues would have reached $508 million.

The operator’s ‘Casino B2C’ division continues to be 888 main performance driver reporting $231 million in revenues (representing 57% of total group revenues).

As anticipated 888 would present downturn in its EBITDA results, posting FY earnings of $59 million, down 39% on FY 2014’s $97 million.

888 governance stated that its EBITDA results were a ‘resilient outcome’ as the operator had paid $32 million in newly introduced gaming duties, and its earnings performance had further been impacted by adverse $ movements.

Despite presenting a weakened earnings results, 888 would highlight that its core products had gained in active customers during 2015, with the company registering 20.5 million in ‘Real Money’ players, up 15% on 2014’s 17.9 million.

Commenting on 2015 corporate performance Brian Mattingley Chairman of 888 Holdings 

“The 888 team has delivered another strong operational result in a year when we successfully confronted a number of external challenges. On behalf of the Board, I would like to thank each of my colleagues across the world for their commitment during the year.”

“This strong performance reflects the continued execution of our focused growth strategy as well as the quality of our brands, best-in-class technology and CRM expertise and was achieved despite the significant external challenges that impacted the online gaming industry and our profitability. In line with our strategic focus, we made further progress across regulated markets with growth in Spain, aided by the launch of slots in the first half, Italy, where mobile continues to drive market penetration, and Denmark, where we have seen an encouraging performance following our successful launch in the second half of the year.”

888 Holdings FY 2015 Performance Overview

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