25th Mar 2014 09:32
LONDON (Alliance News) - Online gaming company 888 Holdings PLC Tuesday reported a 30% increase in pretax profit in 2013, driven by a continued strong performance from its core casino and poker products.
For the year ended December 31, 2013, the group reported a 30% increase in its pretax profit of USD53.2 million, up from USD40.8 million the year before.
Group revenues for the year rose 6.6% to USD400.5 million, compared with USD375.8 million in 2012, of which 88% came from its core B2C operations, which includes casino, poker, bingo and emerging offering 888Sport, which remains a relatively small part of its business.
888 said its online casino delivered another strong performance, with casino revenues up 15% in the year, and it made further market share gains in poker, where it delivered a 7% increase in revenues.
Bingo revenues however remained weak, declining by 16% in 2013.
The group said it is looking forward to the year ahead with continued confidence, and as a result declared a total dividend per share for 2013 of 14.0 cents, up from 9.0 cents a year earlier.
It said it has started 2014 well, with average daily revenues up more than 8% in the year to date.
During 2013, the group successfully launched in several regulated US states, including Nevada, Delaware, and newly regulated New Jersey, through a number of strategic partnerships.
It also said it made further excellent progress in Spain and Italy.
"In January 2014 we acquired a company holding a license allowing us to launch our Sport offer in the Spanish market, and we feel confident that the forthcoming year will see us take further significant steps forward in this market," said Chief Executive Brian Mattingley in a statement.
Shares in the company rose 8.4% Tuesday morning, trading at 146.40 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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