Record revenue increases for 888 Holdings sees 2014 breaking financial results
25 March 2015
The iGaming operator has reported record revenue increases in both of its key product divisions, as Business to consumer saw an 11% jump to $391 million and Business to Business increased 32% to $64 million. Improved revenue performance would impact positively on corporate earnings, as 888 recorded EBITDA revenues of $101 million up 33. 888 Holdings noted that it had 3% improvement in its EBITDA margins to 22% in 2014. Profits before tax increased 28% to $68 million. At product level, 888 holdings Business to Consumer casino was the company’s leading revenue product, posting a 16% revenue increase to $221 million. 888 holding’s management noted that its casino product had performed exceptionally remarkably in the competitive UK iGaming market.
888 holdings noted that it had supported its casino product by redefining its offering with more titles for desktop and mobile casino players. Its UK casino offering was supported with strategic marketing and retention campaigns which saw a 7% increase in player activity. 888 holdings executive management was pleased to announce that the company had captured market trends by avoiding declines in their online bingo and poker products. Poker revenues remained level with 2013 at $94 million, while in the challenged and saturated online bingo market 888 holdings was able to deliver 7% growth to $47 million. The company described 2014 as a transformation year for 888Sport, with the vertical recording a 115% increase in revenues, as 888sport increased its coverage and activity during the FIFA World Cup. 888 holdings management were pleased with the successful re-launch of its sports betting product which had established itself in an ultra-competitive market.
Brian Mattingley, Chief Executive Officer commented: “2014 was yet another record- breaking year for 888 holdings, during which we again delivered strong growth in revenue and profitability. 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.
Mattingley went on by stating “Our core Casino product delivered another outstanding performance reflecting our strength and heritage in this aspect, while 888Poker affirming its position at number two in the PokerScout global rankings at the year end. The outstanding 115% revenue growth from 888Sport was undoubtedly a highlight of 2014 and we continue to see very exciting growth opportunities in this vertical”.