888 reports 2014 financial growth

By David Cook
Operator 888 Holdings has announced its revenue increased 14% year-on-year in 2014.

888 released results which showed the annual total of $454.7m is up from 2013’s total of $400.5m, which is one of a number of successful results for last year for the Gibraltar-based operator.

Adjusted EBITDA went up 33% to $100.7m from $75.6m, while profit before tax and finance rose from $54m to $72.3m and operating expenses climbed to $146.1m, up from $127.8m.

The annual results were boosted by a 7% revenue increase in the fourth quarter to $100m, up year-on-year from $93m.

A 44% majority of 888’s annual revenue came from the UK market, while 37% came from the rest of the European market, 12% from the Americas and 6% from the rest of the world.

Annual revenue has now increased in all of the last five years and 888 has achieved 20% CAGR since 2003.

888 Holdings CEO Brian Mattingley said: “This outstanding result reflects the fundamental strength of our business and the continued execution of our focused strategy. This is underpinned by our strong brands, exceptional technology and industry-leading marketing systems."

888's share price fell 16% last month after the operator announced that talks over a takeover by William Hill had come to an end, due to a difference of opinion on value with a key 888 stakeholder.

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