The UK-listed online gaming operator 888 Holdings has recently posted its 2014 full year performance and declared 2014 as ‘another record-breaking year’ for the company. The report highlights record breaking revenues and pre-tax earnings.
888 Holdings’ 2014 audited financial results shows that the overall revenue increased by 14% from $401 million in 2013 to $455 million. The operator highlighted revenue increases from both of its key product divisions as B2C was up by 11% to $391 million and B2B was also up by 32% to $64 million.
In addition, 888 also noted that at product level, the company’s B2C casino was its leading revenue product which posted an increase in revenue of up to 16% to $221 million. The company explains that its casino product has performed exceptionally well in the competitive UK iGaming market because of the product’s enhanced offering. By adding more titles to the desktop and mobile versions of the casino product combined with strategic marketing and retention campaigns, 888 Holdings saw a 7% increase in the player activity of the product.
The company’s 888Sport brand also posted a record breaking performance with a vertical recording of a 115% increase in revenues which was mainly due to the coverage and activity during the FIFA World Cup.
Established as Virtual Holdings Limited in 1997, the company has gradually established itself in the iGaming sector with the development and release of world class casino products. It is currently recognized as one of the world’s most popular online gaming entertainment and solution provider with a wide range of content offerings which include casino, poker, bingo, sports, social and mobile gaming under the 888 brands.
Aside from the popular 888 gaming brands, the company is also known for Dragonfish, the online gaming solutions division of the company, which has become a world leader in providing flexible and dynamic services to operators worldwide. Such services include games and technology, marketing, operations and ePayment solutions.
Another highlight of the company’s 2014 full year performance is a jump in the adjusted earnings before interest, tax, depreciation and amortization which was up by 33% year-on-year amounting to $101 million. Meanwhile, profit before tax hiked by 28% to $68 million.
As a result of this record breaking performance, 888 Holdings also announced that it shall pay its shareholders a special one-off dividend of 7.0 cents per share in addition to a final dividend of 4.5 cents per ordinary share.
888 Holdings CEO Brian Mattingley has stated that the outstanding result of the previous year is a reflection of the company’s fundamental strength and their continued execution of a focused strategy. The exceptional performance was mainly due to the company’s strong brands, exceptional technology and industry-leading marketing systems.
Mattingley also cautioned that the current year is full of new challenges which include the UK Point of Consumption Tax, implementation of new value added tax rules to electronic services and the issues caused by a stronger US dollar which might be observed in some of its jurisdictions.
But despite these various challenges, Mattingley is confident that the Group is currently well placed to take advantage of various opportunities that the regulatory change may open up for companies like 888.