2020_15_betradar.png
2020_15_betradar.png
2020_15_betradar.png
CLOSE
× Gambling News In-Depth iGaming Calendar Connections GI Friday Trafficology GI Magazine GGA 2020 AffiliateCon
NEWS 10 September 2019

888 share price dips, as UK revenue grows but profit declines

By Tim Poole

The share value of 888 has fallen after its H1 report, which showed group revenue rose 2% year-on-year, to $277.3m, but profit before tax fell 63%, to $22.2m.

The operator’s share price dipped considerably when its financial results were first published, from £1.67 ($2.06) to £1.53, although it later recovered marginally to around £1.57.

Like-for-like revenue was up 7% for 888, with B2C revenue growing 6% to $262.5m and casino revenue up 9% to $175.4m.

Sportsbook revenue also increased 19% to $44.5m, with bingo revenue up 17% but pro forma bingo revenue down 3% at constant currency.

However, poker revenue fell 24% to $23.1m and B2B revenue dropped 44% to $14.8m.

While UK revenue rose 14% to $97.6m, the migration of Cashcade Bingo and the acquisitions of Costa Bingo brands and AAPN impacted 888’s profit; the operator’s acquisition of BetBright for £15m in March equally hit profit levels.

With adjusted EBITDA down 20% to $41.8m, adjusted profit before tax fell 36% to $27.1m, with the aforementioned fall in profit before tax being significantly higher.

CEO Itai Pazner said: "888 has delivered solid performance in the first half of 2019.

"The group’s business in the UK has continued its recovery, which was underpinned by exciting product innovation, as well as 888’s successful casual customer focus, and further expanded across several regulated European markets, including launching its offering in Sweden and Portugal."

RELATED TAGS: Online | Sports Betting | Financial | Bingo | Poker | Casino
NEWS SPONSOR
2020_15_connectpay.jpg


2020_7_iovation.gif
GI FRIDAY: WEEKLY NEWSLETTER
THE GI HUDDLE PODCAST
NEW! #006 - LISTEN NOW
Gaming Industry Conferences (22:37)
#005 - LISTEN NOW
The role of gambling media (27:11)
#004 - LISTEN NOW
What is the role of a Gambling regulator? (29:09)
#003
The Future of Gambling Sponsorship in Sport (30:50)
MUST READ
IN-DEPTH 2 April 2020
Pragmatic Play Head of Account Management: Adaptability is crucial during uncertain times
READ MORE
PREMIUM CONNECTIONS
Legal and Jurisdictions
Digital Isle of Man
VIEW PROFILE
Systems and Software
BetConstruct
VIEW PROFILE
Systems and Software
Finnplay
VIEW PROFILE
Industry Awards
Global Gaming Awards
VIEW PROFILE
Systems and Software
NSoft
VIEW PROFILE
PR and Marketing
ActiveWins
VIEW PROFILE
Systems and Software
BBIN
VIEW PROFILE
Affiliate
1xPartners
VIEW PROFILE
Systems and Software
Newgioco Group
VIEW PROFILE
Systems and Software
Efbet
VIEW PROFILE
Payments
Zimpler
VIEW PROFILE
Services
Exefeed
VIEW PROFILE