10th Apr 2014 09:16
LONDON (Alliance News) - Online gaming company 888 Holdings PLC Thursday said group revenues rose 11% in the first quarter of its new financial year, as its core casino and poker products continue to drive the business forward.
888 reported another strong quarter for the trading period ended March 31, with group revenue up 11% on the prior year to USD144 million from USD103 million, also representing a 7% increase on the prior quarter.
888 said its online casino business delivered another strong performance, with casino revenues up 14% in the quarter to USD54 million, as customer numbers continue to grow, while poker revenues increased 4% on the prior year to USD25 million.
It said that active casino and poker customers increased 7% in the quarter to 682,000.
The group said that as at March 31, 888 had 16.3 million casino, poker, and sport real money registered customer accounts, representing an increase of 18% from a year earlier.
Bingo revenues, which remained weak during 2013, were flat in the first quarter at USD12 million.
888 said its B2B division, Dragonfish, delivered a 43% increase in revenues in the first quarter to USD16 million, which it said was driven by its bingo and US operations.
Last year, the group successfully launched in several regulated US states, including Nevada, Delaware, and newly regulated New Jersey, through a number of strategic partnerships.
888 said it held USD131 million of cash and cash equivalents as at April 4, and USD56 million liabilities to customers.
888 Holdings shares were up 0.3% at 151.50 pence per share Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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