4th Nov 2014 08:15
LONDON (Alliance News) - Online gaming company 888 Holdings PLC Tuesday said its expects earnings for 2014 as a whole to beat market expectations, after posting a 22% increase in third quarter revenue, leaving it confident in its outlook for the full year.
888 said group revenue in the third quarter ended September 30 reached USD114 million, an increase of 22% year-on-year, driven primarily by its casino operations.
"This was driven by an outstanding performance from casino, reflecting our leading product and superior technology, as well as impressive growth in sport, our B2B business and bingo," said Chief Executive Officer Brian Mattingley in a statement.
888 said it continues to build customer numbers and remains confident in its outlook for the business.
"Revenue in October was more than 6% higher year on year and the board now anticipates reporting an adjusted EBITDA [earnings before interest, taxes, depreciation and amortisation] outcome for the full year ahead of current analyst consensus," the company said in a statement.
888 reported adjusted EBITDA of USD75.6 million for 2013.
888 said its confident outlook for the year was on the back of a strong performance from its business-to-consumer and business-to-business operations, up 19% and 41% year-on-year respectively, with B2C revenue growth driven by its casino products and mobile offering, and B2B growth driven by its US operations and bingo. Sport revenue on the other hand was given a boost by the FIFA World Cup earlier in the year.
Revenue from its casino unit rose 23% in the quarter to USD56 million, while bingo revenue was up 9% and poker revenue increased 3% year-on-year.
888 shares rose 3.5% to 134.50 pence in early trading Tuesday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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