888 Holdings, the company that is running several high-profile gaming websites, revealed information about its full-year revenue and according to the data reported, the revenue increased by 14%. As for the profits, a growth of 33% was reported YOY.
Company executives attributed the great financial performance to the increased popularity of the online casino and sportsbook.
Mere hours ago, company representatives announced the total revenue for the previous fiscal year that ended on December 31st. During the 12-month period, the total revenue totaled $455 million or £304 million, which means that an increase of $54 million was accomplished.
As for the adjusted EBITDA, it amounted $101million (£68 million). In comparison, numbers reported in 2013 show that adjusted EBITDA was $76 million or £51 million. Company profits before taxes was equal to $67.9 million or £45 million. In other words, an increase of 28% was achieved in 2014.
Apparently, the nearly saturated UK gambling market is still appealing to operators. Regardless of the tax increase and the tough competition, 888 Holdings’ officials revealed that as much as 44% of their revenue was generated within the United Kingdom. The other European markets formed 38% and the products available in the US derived 12% of the revenue.
As for the revenue generated from business-to-consumer activities, it rose to $390.8 million. However, the revenue from poker activities remained flat.
888 Holdings representatives added that the performance of the online casino during the previous fiscal year has been quite satisfactory as the revenues increased by 16% to reach more than $220 million.
The most impressive growth of 115% was reported by 888Sport. The great performance was due to the World Cup and the excellent marketing strategy the company applied towards popularizing its products and services.
Bearing in mind the substantial growth the other gambling-related businesses have achieved, the bingo activities of 888 Holdings marked the modest increase of 7%, which just came to prove of the urgent need of making structural changes.
Brian Mattingley, the chief executive of 888, commented on the matter and said that despite the implementation of the Point of Consumption tax and the complicated situation caused by the strong US dollar, the company will resist the competition and even benefit from the law amendments.
Mr. Mattingley is expected to host a presentation at the London office of the company. An audio version of the presentation is to be available on company’s website later today.
