888 releases 2015 financial report

Results are out for 888 Holdings, and the theme of 2015 continues…revenue up, player numbers up, profit down.

Total revenues were up 12% to US$508 million (2014: US$455 million). 888 Casino revenues were up  18% to US$261 million (2014: US$221 million). There was a 37% increase in active casino players, due in part to the successful launch of the new 777 brand, and there was strong growth in mobile use in all verticals including casino. Mobile represented 47% of all B2C revenue from the UK (33% in 2014).

A strong growth story indeed. Apart from the bottom line which copped a hit from the UK’s new POC tax.

Profit before tax was US$32.5 million, down substantially on the 2014 figure of US$68 million. Nevertheless, the market seems pretty happy with results with shares up 4.5% in early trade today.

From CEO Itai Frieberger,

“2015 was a very successful year for 888 during which we maintained our excellent operational momentum. This strong performance reflects the continued execution of our focused growth strategy as well as the quality of our brands, best-in-class technology and CRM expertise and was achieved despite the significant external challenges that impacted the online gaming industry and our profitability.

In line with our strategic focus, we made further progress across regulated markets with growth in Spain, aided by the launch of slots in the first half, Italy, where mobile continues to drive market penetration, and Denmark”