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Don't have an account? Click here to register.888 Holdings interim profit drops on taxes but confident over full year
Fri, 28th Aug 2015 07:42
(ShareCast News) - 888 Holdings reported a 41% drop in first-half pre-tax profit as the company was hit by new taxes, but said it remains confident of achieving its full-year expectations.For the six months ended 30 June, pre-tax profit fell to $20m from $34m in the same period last year while revenue declined 2% to $220m from $225.1m. 888 pointed to the new point of consumption tax in the UK, newly introduced EU VAT charges, which are deducted from revenue generated in certain European markets, and currency headwinds.In the period, bingo players rose 18%, driven by a strong mobile performance, while casino active players were up 22%.The company said sport revenue grew 81%, reflecting quality of the improved 888 sport product and increasing brand traction.Executive chairman Brian Mattingley said: "I am delighted to report that 888 has again delivered a very encouraging performance in the first half of 2015 driven by our quality brands, best-in-class technology and CRM expertise. Operational progress has continued with strong increases in active players and first time depositors despite the external headwinds of a new point of consumption tax in the UK, VAT in certain European markets and adverse currency movements."Underpinned by our strong operational momentum as well as 888's core strengths of technology and CRM leadership, the Board remains confident of achieving its full year expectations. We are well positioned to deliver long term sustainable growth and look forward with confidence as we continue to develop the business."On Thursday, the company said in a statement that it continues to believe the combination of 888 and Bwin.Party Digital Entertainment announced on 17 July would generate significant value for both sets of shareholders.
More News
11 Jan 2016 15:42
GVC Holdings reports jump in annual revenue ahead of Bwin.party merger
(ShareCast News) - Gaming company GVC Holdings on Monday reported a 10.2% increase in 2015 net gaming revenue to €247.7m (£180.03m) ahead of its merger with Bwin.party. In a trading update for the year to 31 December, the group revealed annual results would be supported by a strong last quarter. Net
Read more6 Jan 2016 15:09
FTSE 250 risers: Oil prices and volatile China sees shares drop
(ShareCast News) - The FTSE 250 was left sitting in a puddle by mid-afternoon Wednesday, down 184.25 points (1.07%) at 17,020.78. Low oil prices were to blame for the second tier market's biggest faller Tullow Oil as well as Cairn Energy. Both Brent Crude and West Texas Intermediate sank below $35 a
Read more5 Jan 2016 07:16
Bwin.party ends year on high ahead of takeover
(ShareCast News) - Bwin.party ended its financial year on a high, ahead of its final results and takeover by GVC Holdings. The FTSE 250 online gambling company, in a market update on Tuesday, said its fourth quarter net revenue was up 5% on the previous year, driven primarily by sports betting and c
Read more5 Jan 2016 07:07
London pre-open: Stocks seen higher as Asia stabilises
(ShareCast News) - London stocks are set to open higher on Tuesday on the back of a stabilisation in Asian markets following heavy losses in the previous session. The FTSE 100 is expected to start 49 points higher than Monday's close at 6,142. "After an initial wobble, shares in Shanghai and Shenzh
Read more22 Dec 2015 16:05
16 Dec 2015 15:28
FTSE 250 movers: Strong trading leads Supergroup to top of the pack
(ShareCast News) - The FTSE 250 was on track to finish the day in the green on Wednesday, up 78.47 points (0.46%) to 17,078.03 by mid-afternoon. Supergroup led the risers after it released its half year report, showing strong trading leading to positive sales growth. The owner of popular faux-Japane
Read more15 Dec 2015 11:04
GVC/bwin.party shareholders approve takeover deal
(ShareCast News) - Online gaming outfit GVC Holdings' takeover of bwin.party digital entertainment moved a step closer on Tuesday as shareholders of both companies approved the deal. bwin.party said 99.99 per cent of shareholders voted in favour of the deal, while 99.91 of GVC's did the same. Both
Read more17 Nov 2015 12:52
Bwin extends supply deal with Danish partner
(ShareCast News) - Bwin.Party Digital Entertainment announced a multi-year extension to its existing B2B supply agreement with Danske Licens Spil, which is the online gaming subsidiary of Danske Spil. The Danske Spil Group is 80% owned by the Danish government and is one of the largest betting and g
Read more10 Nov 2015 08:44
bwin's non-exec director steps down
(ShareCast News) - Daniel Silvers has stepped down from bwin.party's board of non-executive directors, the online gaming group said on Tuesday. Earlier this year, Silvers announced he would leave SpringOwl Asset Management to pursue commercial interests elsewhere. As a result of his decision, he cho
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