14th Jan 2021 10:04
(Alliance News) - Gambling firm 888 Holdings PLC on Thursday said it expects its 2020 results to top expectations after notching monthly records in December.
888 said both revenue and active customer numbers reached all-time monthly highs in December, delivering a "strong performance" at the end of a fraught 2020 which saw the industry hit by Covid-19. The pandemic cancelled sporting events across the globe, therefore shutting off important revenue streams for bookmakers.
On the back of its record December, 888 now expects to post revenue and adjusted earnings before interest, tax, depreciation and amortisation "moderately ahead of its prior expectations".
888 also lifted its earnings guidance in December.
"Revenue is expected to be approximately 45% ahead of 2019," 888 said at the time.
The company posted revenue of USD560.3 million in 2019, so based on its December forecast, revenue in 2020 was set to top USD800 million.
888 added on Thursday: "This strong trading continues to reflect increased new customer acquisition that started at the end of 2019 and continued throughout 2020, the positive impact of new products launched during the period as well as an acceleration in the shift from retail to online services witnessed across multiple consumer-facing industries."
"Whilst 888 has entered 2021 with good momentum, the board remains mindful of possible headwinds over the coming months including macro-economic and regulatory uncertainties in certain jurisdictions."
Shares in the company were 1.7% higher at 308.00 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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