1st Sep 2021 08:42
(Alliance News) - 888 Holdings PLC on Wednesday said it is confident its 2021 revenue will be slightly ahead of forecasts after it hit record first half revenue and profit.
The Gibraltar-based gambling company, which is commonly known as 888.com, runs casino, sport betting and bingo websites and apps.
It made revenue of GBP528.4 million in the six months ended June 30, up 39% from GBP379.1 million last year or 29% on a constant currency basis. Pretax profit was GBP57.9 million, up 14% from GBP50.9 million a year prior.
"The strong momentum from 2020 continued into the first half of 2021, with growth driven primarily by regulated markets, where we believe ongoing market share gains continue to reflect our product-leadership strategy, highly effective data-driven marketing, and our excellent content," said Chief Executive Itai Pazner.
As part of its strategy, FTSE 250 company struck a partnership with Sports Illustrated SI to capitalise on US markets.
It added that revenue throughout July and August increased by a mid-single digit percentage compared to the prior year period and that rate of growth slowdown reflected retail and leisure venues reopening across international markets.
888 declared an interim dividend of 4.5 US cents, up from 3.2 cents paid out at the same time last year.
Looking forward, 888 is mindful of the tougher comparables in the fourth quarter as the period experienced an exceptionally strong performance in revenue in 2020, but doesn't expect to lose momentum.
It anticipates revenue and adjusted earnings before interest, tax, depreciation, and amortisation in the full year will be slightly ahead of prior expectations.
"The board remains confident that, with 888's advanced technology, products and diversification across markets, the group remains well positioned to deliver further strategic progress during 2021 and beyond," added Pazner.
Shares in 888 were up 0.5% at 409.70 pence in London on Wednesday morning trade.
By Josie O'Brien; [email protected]
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