Casino and sportsbook drive 888 in H2
Operator issues trading update and says full year earnings expected to be at the top end of guidance
888 this morning issued a trading update and said it expects full-year earnings to be at the top end of guidance following “strong performances” in casino and sport.
The firm said it had continued to deliver a “very encouraging performance” in line with the board’s expectations, with full-year adjusted EBITDA expected to be at the top end of analysts’ forecasts.
“Building on our very encouraging first half performance, 888 has continued to trade well through the second half of the year, driven by notably strong performances in casino and sport,” 888 chairman Brian Mattingley, said.
“Underpinned by our quality brands, leading technology and CRM expertise, 888 remains very well positioned to deliver long term sustainable growth,” he added.
It’s been a busy second half of the year for 888 despite losing out to GVC Holdings in the battle to acquire bwin.party, launching its new 777.com casino offering and entering the Danish market.
The firm is also looking to re-enter the M&A fold and is believed to be on the lookout for a sportsbook platform, but COO Itai Frieberger previously told eGR he would not be pushed into making a deal.
888 reported a 2% YoY decline in revenues to $220m in H1, while adjusted EBITDA fell 17% to $41m despite the introduction of point of consumption tax in the UK and EU VAT amounting to $19.5m.
888’s share price was up 5% to 180.75p at the time of writing.