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Interim Management Statement

1 Nov 2011 07:05

RNS Number : 2275R
888 Holdings plc
01 November 2011
 



1 November 2011

 

 

 

888 Holdings Public Limited Company

("888" or "the Group")

 

Interim Management StatementQ3 2011 Key Performance Indicators and Trading Update*

 

 

888, one of the world's most popular online gaming entertainment and solutions providers, is pleased to provide the following trading update for the third quarter of 2011.

 

Highlights

 

·; Group revenue US$86 million (Q3 2010: US$61 million), an increase of 42% year-on-year and a 10% increase compared to the record Q2 2011, led by B2C

 

·; Revenue B2C US$74 million (Q3 2010: US$51 million), an increase of 45% year-on-year and a 12% increase compared to Q2 2011, reflecting strong increases in Poker and Casino

 

·; Revenue B2C Casino US$37 million (Q3 2010: US$27 million), an increase of 41%

 

·; Revenue B2C Poker US$18 million (Q3 2010: US$8 million), an increase of 120%, driven by the continuing success of the Poker 6 platform

 

·; Group revenue during the first three quarters of 2011 at US$240 million (2010: US$191 million), an increase of 26%

 

·; Number of active customers B2C Casino and Poker at 442,000 (Q3 2010: 165,000), a 167% increase compared to Q3 2010

 

·; As at 30 September 2011, 888 had 10.1 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 24% since 30 September 2010

 

·; Strong current trading continues into 2011 final quarter

 

Commenting on today's announcement Brian Mattingley, Deputy Chairman said:

 

"The continuing focus on our core competencies has led to another excellent quarter, and the highest quarterly revenue ever achieved in 888's history. Our compelling offering and successful marketing campaigns have helped to build on our outstanding first nine month performance and drive player numbers to record levels. Strength across all of our platforms leaves us well positioned for the future.

 

Trading has continued to be strong into the fourth quarter, and as such we expect that clean EBITDA for the financial year ending 31 December 2011 will be significantly ahead of current market expectations."

 

 

 

 

 

* All percentages in this release are calculated without rounding

 

Key Performance Indicators

 

Third Quarter 2011

 

Group

 

·; Revenue US$86 million (Q3 2010: US$61million), an increase of 42%

 

·; As at 30 September 2011, 888 had 10.1 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 24% since 30 September 2010

 

 

B2C

 

·; Revenue B2C at US$74 million (Q3 2010: US$51 million), an increase of 45%

 

·; Revenue B2C Casino at US$37 million (Q3 2010: US$27 million), an increase of 41%

 

·; Revenue B2C Poker at US$18 million (Q3 2010: US$8 million), an increase of 120%

 

·; Revenue B2C Bingo at US$13 million (Q3 2010: US$13 million), an increase of 6%

 

·; Revenue B2C Emerging Offering at US$5 million (Q2 2010: US$4 million), an increase of 40%

 

·; Number of active customers B2C Casino and Poker at 442,000, an increase of 167% compared to Q3 2010

 

·; Number of active customers B2C Casino at 200,000, an increase of 173% compared to Q3 2010

 

·; Number of active customers B2C Poker at 307,000, an increase of 166% compared to Q3 2010

 

·; Quarterly revenue B2C per active Casino and Poker customer was US$126, a 40% decrease compared to Q3 2010, a result of significant expansion in new customer recruitment coupled with a significant, but slower, revenue increase

 

·; Quarterly revenue B2C per active Casino customer was US$187, a 48% decrease compared to Q3 2010, a result of significant expansion in new customer recruitment coupled with a significant, but slower, revenue increase

 

·; Quarterly revenue B2C per active Poker customer was US$59 a 17% decrease compared to Q3 2010

 

Dragonfish

 

·; Revenue B2B at US$12 million (Q3 2010: US$9 million), an increase of 28%

 

Nine months ended 30 September 2011

 

·; Group Revenue up 26% to US$240 million (2010: US$191 million)

 

B2C

 

·; Revenue B2C up 27% to US$205 million (2010: US$162 million)

 

·; Revenue B2C Casino up 24% to US$106 million (2010: US$86 million)

 

·; Revenue B2C Poker up 51% to US$42 million (2010: US$28 million)

 

·; Revenue B2C Bingo up 13% to US$41 million (2010: US$36 million)

 

·; Revenue B2C Emerging Offering up 32% to US$16 million (2010: US$12 million)

 

 

Dragonfish

 

Revenue B2B up 20% to US$35 million (2010: US$29 million)

 

Current Trading

 

The strong trading during Q3 continued into October, led by Casino. Daily average revenue during the first 29 days of October was 5 per cent higher than Q3 2011. As at 28th October 2011 the Group had US$71 million of cash and cash equivalents and US$43 million liabilities to customers.

 

 

Analyst and Investor Conference Call

 

There will be an analyst and investor conference call at 10:30am (GMT) today.

 

Dial-in number:

+44 (0)20 7136 2056

Passcode:

6764169

Replay number:

+44 (0)20 7111 1244

Replay passcode:

6764169

 

 

 

Contacts and enquiries

 

888

Brian Mattingley, Deputy Chairman

+350 200 49800

Aviad Kobrine, Chief Financial Officer

+350 200 49800

M:Communications

Ann-marie Wilkinson/Andrew Benbow

+44 (0)20 7920 2344

 

 

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement reflect 888's view with respect to future events as at the date of this announcement. Save as required by law or by the Listing Rules of the UK Listing Authority, 888 undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.

 

Appendix

 US$m*

2010

2011

Q1

Q2

Q3

Q4

Q1

Q2

Q3

B2C Revenue

Casino

32.8

26.5

26.6

31.0

33.4

35.6

37.5

Poker

11.6

8.0

8.2

10.6

11.3

12.7

18.1

Bingo

10.9

12.6

12.5

14.1

14.2

13.3

13.3

Emerging Offering

3.5

4.4

3.9

4.4

5.4

4.8

5.4

Total Revenue B2C

58.8

51.6

51.2

60.1

64.4

66.4

74.3

B2C KPI

Revenue Casino US$m

32.8

26.5

26.6

31.0

33.4

35.6

37.5

Active Players Casino (000)

76.9

68.1

73.4

123.8

129.5

159.2

200.4

 Revenue Casino per active player US$

$ 426

$ 390

$ 362

$ 250

$ 258

$ 223

$ 187

Revenue Poker US$m

11.6

8.0

8.2

10.6

11.3

12.7

18.1

Active Players Poker (000)

167.9

121.5

115.3

200.9

221.9

231.3

307.2

 Revenue Poker per active player US$

$ 69

$ 66

$ 71

$ 53

$ 51

$ 55

$ 59

Revenue Casino & Poker US$m

44.4

34.6

34.8

41.6

44.7

48.2

55.6

Active Players Casino & Poker (000)

217.8

167.2

165.3

283.0

302.3

342.0

442.1

 Revenue Casino & Poker per active player S$

$ 204

$ 207

$ 211

$ 147

$ 148

$ 141

$ 126

B2B Revenue

Revenue B2B

10.4

9.5

9.3

11.3

10.9

12.1

11.9

Revenue

69.2

61.0

60.6

71.3

75.3

78.5

86.2

 

*Rounded

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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