Italy and Spain fuel 888 revenue growth

Online casino and online poker firm 888 reported a seven per cent increase in fourth quarter revenue, on the back of increased demand on mobile devices in Spain and Italy.

Fourth quarter revenue increased 7% year on year to US$97m while revenue for 2012 climbed 13% to $376m.

Chief Executive Officer Brian Mattingley commented: "Our success in Spain and Italy shows that we have the right product and technology led marketing to make significant inroads into new markets, and we will look to repeat that success in other regulating territories."

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As at December 31st 2012, 888 had 13.1m Casino, Poker and Sport real money registered customer accounts, up 23% since December 31st 2011.

Mattingley added that the first quarter of its new financial year had started well.

"The high performance is driven primarily by Poker and newly regulated markets and is leveraged by our recent successful targeted marketing campaigns, ongoing focus on customer retention and increased investment in our mobile offering."

At January 31st 2013 the 888 had $88m of cash and cash equivalents and $48m liabilities to customers.

CJ