BUSINESS

888 release impressive trading update

TAGs: 888 Holdings

888 holdings888 Holdings saw its group revenue rise by 17 percent to US$92 million during the second quarter of the year as B2C poker continued to show big improvements. B2C revenue as a whole rose 21 percent to US$80 million with B2C poker, as a part of that, rising 59 percent compared with the previous year to US$21m. The increase was attributed to “ongoing product improvements”, “targeted marketing” and “effective CRM”.

Commenting on the results, CEO Brian Mattingley said: “While the second quarter of the year saw a return to historical seasonal revenue patterns, revenue increased 17 per cent year on year supported by targeted marketing campaigns and market-leading customer relationship management. We have the right product offering and back office capabilities to grow and sustain market share, as indicated by the success in building a significant market share in the newly regulated Spanish poker market.”

One blip on the radar was B2B revenue dropping 5 percent to US$12 million. The first 20 days of the current quarter saw trading fall in-line with normal expectations with average daily revenue up 10 percent compared with the previous year. Like many firms, however, they did cite the impact of the OIympics being very much an “unknown”.

888 Holdings is one publicly-traded firm that has been able to escape the stock market woes gripping continental Europe during the last quarter. If the deals they have in place with the likes of WMS Gaming to target the U.S. bear fruit then we could be looking at an even more impressive trading update this time next year.

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