888 revenues up 9% on sports and casino strength
Strong performance in operator’s casino and sport sectors drives revenue growth for H1
888 has announced a 9%cc year-on-year increase in revenue to £209m for H1, due to strong performance in the group’s sports and casino products.
Adjusted EBITDA also increased 22%cc to £41.6m, while profit before tax for the period ending 30 June 2017 rose by 12% to £29m.
The growth was primarily driven by strong performance in the firm’s casino sector, where revenue increased by 11%cc to £113m.
There was also significant growth in sports, where increased recognition of the 888Sport brand following its Italy launch saw revenues up 45%cc to £26m.
Poker revenues climbed 1%cc to £33m.
Itai Frieberger, CEO of 888, said: “888 has delivered further revenue growth and operational progress in the first half of 2017 resulting in a 9% increase in revenue at constant currency. This pleasing outcome was driven by continued growth in 888’s core Casino vertical, strong momentum in the fast-growing 888Sport and a good performance in Poker.
“The Group’s strong strategic momentum continued as 888 developed its positions in regulated geographies, achieved greater diversification across products and markets and further enhanced operational efficiencies. Our progress was driven by 888’s technology, leading CRM capabilities and cutting-edge marketing expertise.
“888 is an agile business with an adaptable and entrepreneurial culture and team. While the industry will continue to face regulatory headwinds in the second half of the year, trading in Q3 has started well and in line with the Board’s expectations.
“Underpinned by this momentum as well as the proven strengths of the Group’s business model the Board remains confident that 888 will achieve further progress and deliver its expectations for the full year.”