B2C drives 888 earnings guidance upgrade

Online gaming firm 888 has raised full year earnings guidance after a strong third quarter and a good start to the fourth.

Online gaming firm 888 has raised full year earnings guidance after a strong third quarter and a good start to the fourth.

"The final quarter [Q4] has started positively with average daily revenues more than 7% ahead of the strong Q4 2011. A disciplined approach to our costs, and our analytics driven marketing spend proving highly efficient, means we now expect our EBITDA [earnings before interest, tax, depreciation and amortisation] for the full year to be significantly ahead of current market expectations," revealed Brian Mattingley, 888's Chief Executive Officer.

Revenue in the third quarter totalled $92m, up 7% from $86m in the corresponding quarter of 2011.

The Business to Consumer (B2C) division saw revenues rise 8% to $80m from $74m the year before. Dragonfish, the group's Business to Business (B2B) unit saw revenue slide 2% year-on-year to $12m.

The fourth quarter has got off to a flyer with average daily revenues in the first two weeks of the period more than 7% higher than the corresponding fortnight in 2011. The period has also seen an increase in first time depositors, bets and deposits, although Bingo remains challenging.

As at October 12th, the group had $81m of cash and cash equivalents, and $46m of liabilities to customers.

JH

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023