888 set new revenue record

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Credits: 888 Holdings

The company has announced a record group revenue of US$541 million for the 12 months through December 31st, 2017.

UK.- 888 Holdings has announced its financial results for the year ending December 2017, and they showed a record group revenue of US$541.8 million for the period, which is four per cent higher on a year-on-year basis.

The results show that revenue in regulated markets outside the United Kingdom also increased 26 per cent. B2C revenue increased six per cent to US$486.6 million, up from the US$460 million registered in 2016, while casino revenue rose four per cent to US$293.9 million and sport revenue 45 per cent to US$75.5 million.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 12 per cent year-on-year to US$100 million. 888 also reported that substantial free cash flow for dividend payments was US$70.5 million during 2017, up from US$56.6 million in 2016.

Chief Executive of 888, Itai Frieberger, said: “888 has delivered another year of progress, achieving record revenues of $541.8m and a 12 per cent increase in adjusted EBITDA. The group’s growth was driven by further expansion in casino, sport and across regulated markets. This very robust outcome was achieved despite the group’s withdrawal from certain markets during the year and demonstrates 888’s resilience and agility that is underpinned by first-class technology and an outstanding team. The group has continued to reap the rewards of its investments in recent years in several growth markets including Spain and Italy.”

Frieberger added: “Current trading since the start of the year is in line with our expectations with average daily revenue six per cent above the previous year, representing an eight per cent increase when adjusted for the withdrawn markets. The group has a number of significant growth opportunities ahead and the board is confident of another year of operational progress.”