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888 Holdings Foresees Positive Results


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One of the world’s premier online gambling firms, 888 Holdings, has announced
that it foresees that its results for the full financial year before interest,
tax, depreciation and amortisation, will exceed its expectations.

The announcement was made in the form of a trading update issued by the
Gibraltar-based internet gaming firm last week, which revealed that 888’s
2011 revenues
had grown by 26 per cent to $331.1 million compared with the
same period the previous year.

888 attributed this dramatic growth to the impressive performance of its
respective business-to-business and business-to-consumer divisions. The firm
also confirmed that its high levels of trading experienced at the end of 2011
have carried through to the first half of 2012.

Strong Growth in Casino and Poker

Specifically, 888 has cited the reasons for this as the strong continued
performance of both its online casino and online poker operations, as well as
the benefits derived from gaining a significant foothold in the growing Spanish
online gambling market.

Read a statement from the firm: ‘A confirmation of 888’s ability to build share
in new markets, the poker offer is currently number-two in the Spanish market.
The delay in the introduction of the new regulatory regime in Spain, introduced
in June, resulted in a delay in marketing spend originally planned for the first
half.’

The 888 statement also made mention of the fact that despite the introduction of
sports betting taxation in Germany on a federal level, the impact on the Group’s
business in the country has been negligible.

Impact of 2012 Olympic Games Unknown

Continued the statement: ‘In the second half of the year, margins will be
slightly impacted by investment in marketing in order to secure a leading
position in Spain, investment in infrastructure ahead of delivering announced
deals in the US and the unknown impact of the 2012 Olympic Games in London.

‘This means that, while the second half of 2012 is expected to show slightly
lower margins than the strong first half, earnings before interest, tax,
depreciation and amortisation for the full-year will be materially ahead of
current expectations.’

After the trading update was made public last week, shares in 888 Holdings
increased by almost 14 per cent in the early trade. Early Thursday morning last
week, the shares rose by 13 per cent at 73.19 pence on the London Stock
Exchange, a gain of 77 per cent in value year-on-year.

888 operates online casino, poker, sports betting, bingo and games
facilities.

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