888 Holdings, the major UK-based gambling company, has released its financial report, showing that it has broken all its previous financial records. The company has revealed a revenue rise of 21 percent in the first half of 2012 as it has generated revenue of $186.4 million. Besides, the company has revealed a $18.4-million pre-tax profit in H1 as compared to the $22.1 million loss it suffered during the same time last year.
Commenting on its financial growth, the company stated in a recent release, “This has been an excellent first half of the year. The tremendous increase in customer numbers caused by the improvements in our product offering has led to these record results, with the highest revenues in the history of 888.”
888 Holding’s poker sector has performed exceedingly well; in fact, it has performed far better than all other 888 Holdings offerings. The company’s online poker profits soared to an impressive 72%, from $24 million during the same time last year to $41.3 million this year. Besides, 888 Holdings is now the second largest online poker company in Spain, which had legalized and regulated its online poker industry recently. 888 Holding, which now has a 24% share in the Spanish poker market, has doubled its Spanish poker revenue.
888 Holding’s casino gaming sector has also contributed a great deal to the company’s revenue. The company’s casino gaming revenue shot up to 20% as the company raked in $83.1 million this year. Surprisingly, the bingo performance was not up to the mark with bingo revenues falling by 2% as the company earned $26.9 million this year. The company’s B2B line also did not do well and fell to $22.2 million, by 2%. In spite of the fall in revenue in some of its sectors, 888 Holdings has done well overall and presented an excellent financial report. It still remains a great option for investors as its share value is 2.5c per share.
Making financial predictions for the near future, 888 Holdings CEO Brian Mattingley said, “The second half of the year will see increased investment in Spain, where we will attempt to build on our market share, and also in the United States, where we are preparing for regulatory changes. We will also continue to invest in our technological platform, the cornerstone of our offer, and make improvements to our mobile channel.”
Following the release of this financial report, 888 share value rose to 5.5%.