9th Mar 2022 10:02
(Alliance News) - 888 Holdings PLC reported on Wednesday a record set of annual results, more than tripling its pretax profit in 2021.
The Gibraltar-based betting and gaming operator reported pretax profit of USD81.3 million in 2021, up significantly from USD26.7 million the previous year.
Revenue rose 15% to USD980.1 million from USD849.7 million. The gambling firm said this was a record figure, "driven by competitive advantages in product and content leadership, world class brands and marketing, and customer excellence".
Revenue from regulated and taxed markets represented 74% of group revenue, broadly the same as last year at 73%.
888 did not declare a final dividend "in light of the potential capital requirements expected as part of the pending William Hill transaction".
The company back in September announced an agreement to buy William Hill's non-US operations from Caesars Entertainment Inc. 888 expects to complete this transaction in the second quarter of this year.
Trading momentum has improved since the end of 2021, 888 said, with average daily revenue throughout January and February up mid-single digits against the fourth quarter of 2021.
Chief Executive Itai Pazner said: "It was another record year from a financial perspective, and we have truly transformed the scale of the business over the past two years. This step-change in scale has come from a clear market focus on regulated markets, which now make up three quarters of revenue, and where we are seeing really positive market share trends."
Shares in 888 were down 3.4% at 186.40 pence on Wednesday morning in London.
By Heather Rydings; [email protected]
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