888 Holdings have broken their own end of year record with an unprecedented double-digit rise in revenues. Their latest Interim Management Statement (IMS) confirmed that group revenue for the year increased 26% ending at $331million. Much of this was down to both casino and poker B2C revenue rising. Poker was the more impressive of the two up 58% to $61m with casino revenue also rising, by 27% to $148m.
The firm’s update included a run down of the fourth quarter. It was much the same story as the year-end figures with group revenue increasing 28% year on year to $91million. B2C poker revenue contributed hugely with an increase of 76% YoY to $19m and B2C casino was up 34% to $42m. Much of this was put down to strong customer recruitment and retention with the number of active customers increasing by 69% to 478,000 compared with the same period last year.
Commenting on the results, Brian Mattingley, deputy chairman, said: “We are delighted with 888’s strong performance over the last year and in particular Q4. Q4 revenue is the highest on record, and represents five consecutive quarters of revenue growth. Strong trading was led by an excellent performance in our B2C Casino & Poker, and is the successful result of an increased strategic focus on our core competencies and the stand out success of Poker 6.”
When asked about the current year so far, Mattingley added: “Current trading in January continues to be strong and the forthcoming launch of our exciting new Casino product provides yet another compelling offer for our loyal customer base. We believe our focused strategy, aligned with the selective B2B approach, will continue to drive growth in 2012.”
Speculation has also been rife that 888 are about to spread their eight-hundred-and-eighty-eight tentacles all over the nation of dreams. Acting CEO Mattingley told eGR the firm is in “advanced negotiations” with a US-based firm over a B2C deal. Mattingley added: “This would be a nationwide deal. We expect to announce something during our full-year results at the end of March.”
If the deal goes through it could be after Nevada regulators approve the firm’s licence application in the state and follows a firming up of their contract with Caesars Interactive Entertainment just last month. If Mattingley gets this deal through then they’ll smell of more than just roses and on the high road to a firm position in the US-market. Who’d have thought they’d be looking this good after getting dolled up and being rejected by the Lads last April? Flynny must be feeling slightly foolish right about now.
