Despite increasing its revenue in the UK, 888 Holdings reported a decline in profits in the first six months of the current year.
UK.- 888 Holdings has released its financial results for the first six months of the year, indicating that profit before tax for the period was €20.1 million, down from €54.4 million last year. After releasing the report on Tuesday morning, shares in 888 fell approximately 9%.
The company informed that adjusted earnings were €37.8 million, €9.5 million less than the €47.4 million registered in 1H18. Adjusted earnings margin also fell to 15.1% from 19.2%.
Moreover, 888 Holdings said that revenue rose 2% to €251 million, up from €247,3 million in the 1H18. B2C revenue rose 6% to €237.6 million, while casino revenue also increased 9% to €158.8 million. Sportsbook revenue posted a 19% increase to €40.2 million.
Chief executive Itai Pazner said: “The board continues to believe that 888 is very well positioned for the future as a result of the group’s diversification across products and markets, product leadership, and first-class team.”
“888 has a number of exciting growth opportunities ahead which will leverage the group’s new product developments and marketing innovation. As a result, the board remains confident that the outcome for the full year will cover its expectations,” he explained.
888 appoints former William Hill executive
The gambling firm hired Mark Summerfield, a former finance chief a William Hill, to chair the board.
Between July 2016 and December 2017, Summerfield was interim finance chief at William Hill PLC, and he helped set the group’s strategic direction and assisting with its transformation and technology programmes, the company said. Summerfield also spent 29 years at accounting firm KPMG.