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30 Jan 2014 07:00

RNS Number : 8639Y
888 Holdings plc
30 January 2014
 



30 January 2014

888 Holdings Public Limited Company

("888" or "the Group")

Interim Management StatementQ4 2013 Key Performance Indicators and Interim Management Statement*

 

888, one of the world's most popular online gaming entertainment and solutions providers, is today publishing its Interim Management Statement for the period from 1 October 2013 to the date of this announcement, incorporating the Group's fourth quarter trading period from 1 October 2013 to 31 December 2013.

Q4 Highlights

 

· Group quarterly revenue reached an all time high of US$107 million (Q4 2012: US$97 million), an increase of 10% year on year and a 14% increase vs. Q3 2013 reflecting revenue increases in each of the Group's reporting segments compared to Q3 2013.

 

· Revenue B2C at US$93 million (Q4 2012: US$86 million), an increase of 8% year on year

 

· Revenue B2C Casino at US$51 million (Q4 2012: US$44 million), an increase of 15% year on year, supported by enhanced product offering, extended regulated markets proposition, advanced CRM initiatives and further mobile penetration

 

· Revenue B2C Poker at US$25 million (Q4 2012: US$24 million), an increase of 2% year on year reflecting further market share gains and advancing to number 2 in the global poker rankings**

 

· Successfully launched in regulated New Jersey and Delaware markets in November 2013

 

 

Full Year Highlights:

 

· Group revenue for full year 2013 at a record US$401 million (2012: US$376 million), an increase of 7% year on year

 

· Revenue B2C for full year 2013 at US$352 million (2012: US$330 million), an increase of 7% year on year

 

· Number of active customers B2C Casino and Poker at 602,000 (Q4 2012: 520,000), a 16% increase year on year

 

· As at 31 December 2013, 888 had 15.5 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 19% since 31 December 2012

 

· Significant progress made in the US market through the Group's All American Poker Network (AAPN) joint venture with Avenue Capital making 888 the only online gaming provider live in all three regulated states:

 

· World Series of Poker (WSOP) brand, launched using 888's gaming platform and technology in Nevada in September;

 

· Launch of iGaming in Delaware in November with poker, casino table games and casino slots powered by 888;

 

* All percentages in this release are calculated without rounding

· 888casino and 888poker brands launched alongside WSOP brand in New Jersey in November.

Commenting on today's announcement Brian Mattingley, Chief Executive Officer, said:

 

"I am pleased to report that 888 has delivered another strong performance in Q4, completing an excellent and indeed record-breaking year for the Group in terms of revenue. Our strong result has again been driven by the progress we have made in newly regulated markets as well as a continued excellent performance in Casino and further market share gains in Poker, where we are now ranked Number 2 in the Pokerscout** global rankings.

 

During Q4 we successfully launched in New Jersey and Delaware, making us the only operator live in all three regulated US states, with our Poker platforms achieving market-leading positions in New Jersey, Nevada and Delaware. This remarkable achievement is testament to the strength of our product, technology and marketing as well as the hard work, dedication and talent of our team.

 

We have continued to enhance our mobile and tablet product offering in this increasingly important growth sector of the industry and source of customer acquisition. This has contributed to the Group delivering a very pleasing 19 per cent increase year on year in real money registered customer accounts across Casino, Poker and Sport."

 

 

Key Performance Indicators

 

Fourth Quarter 2013

 

Group

 

· Revenue at US$107 million (Q4 2012: US$97 million), an increase of 10%

 

· As at 31 December 2013, 888 had 15.5 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 19% from 31 December 2012

 

B2C

 

· Revenue B2C at US$93 million (Q4 2012: US$86 million), an increase of 8%

 

· Revenue B2C Casino at US$51 million (Q4 2012: US$44 million), an increase of 15%

 

· Revenue B2C Poker at US$25 million (Q4 2012: US$24 million), an increase of 2%

 

· Revenue B2C Bingo at US$11 million (Q4 2012: US$12 million), a decrease of 4% - a result of the competitive UK environment but reflecting signs of a recovery with 7% revenue increase compared to Q3 2013

 

· Revenue B2C Emerging Offering at US$6 million (Q4 2012: US$6 million), an increase of 2%

 

· Number of active customers B2C Casino and Poker at 602,000 (Q4 2012: 520,000), an increase of 16% compared to Q4 2012

 

· Number of active customers B2C Casino at 199,000 (Q4 2012: 196,000), an increase of 2% compared to Q4 2012

 

 

** As published by pokerscout.com on 28 January 2014

· Number of active customers B2C Poker at 472,000 (Q4 2012: 390,000), an increase of 21% compared to Q4 2012

 

· Quarterly revenue B2C per active Casino and Poker customer was US$126 (Q4 2012: US$132), a 5% decrease compared to Q4 2012

 

· Quarterly revenue B2C per active Casino customer was US$256 (Q4 2012: US$226), a 13% increase compared to Q4 2012

 

· Quarterly revenue B2C per active Poker customer was US$52 (Q4 2012: US$62), a 16% decrease compared to Q4 2012

 

Dragonfish

 

· Revenue B2B at US$14 million (Q4 2012: US$12 million), an increase of 22% compared to Q4 2012

 

Full year ended 31 December 2013

 

Group

 

· Revenue up 7% to US$401 million (2012: US$376 million)

 

B2C

 

· Revenue B2C up 7% to US$352 million (2012: US$330 million)

 

· Revenue B2C Casino up 15% to US$190 million (2012: US$165 million)

 

· Revenue B2C Poker up 7% to US$94 million (2012: US$88 million)

 

· Revenue B2C Bingo down 16% to US$44 million (2012: US$52 million)

 

· Revenue B2C Emerging Offering down 2% to US$24 million (2012: US$25 million)

 

Dragonfish

 

· Revenue B2B up 5% to US$48 million (2012: US$46 million)

 

Current Trading

 

Trading during the first 27 days of the first quarter of 2014 has started well continuing the strong trading during the previous quarter. Daily average revenue for the first 27 days of the quarter is approximately 3 per cent higher than the corresponding period in the previous year led by poker.

 

As at 24thJanuary 2014 the Group had US$123 million of cash and cash equivalents and US$55 million liabilities to customers.

 

888 Holdings plc will publish its preliminary results for the year ended 31 December 2013 on 25th March 2014.

 

Analyst and Investor Conference Call

 

There will be an analyst and investor conference call at 10.30am today.

 

Dial-in number:

+44(0)20 3427 1913

Passcode:

3951500

Replay number:

+44(0)20 3427 0598

Replay passcode:

3951500

 

 

Contacts and enquiries

 

888

Brian Mattingley, Chief Executive Officer

+350 200 49800

Aviad Kobrine, Chief Financial Officer

+350 200 49800

Hudson Sandler

+44(0) 207 796 4133

Michael Sandler / Andrew Hayes

Kate Hoare / Alex Brennan

 

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*

2012

2013

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

B2C Revenue

Casino

42.2

40.9

38.2

44.2

47.6

46.5

45.4

50.9

Poker

21.2

20.1

21.9

24.3

24.4

22.5

22.0

24.7

Bingo

13.6

13.4

13.3

11.6

11.9

10.2

10.4

11.1

Emerging Offering

6.2

6.1

6.9

5.8

7.9

6.0

4.7

5.9

Total Revenue B2C

83.2

80.5

80.3

85.9

91.8

85.2

82.5

92.7

B2C KPI

Revenue Casino US$m

42.2

40.9

38.2

44.2

47.6

46.5

45.4

50.9

Active Players Casino (000)

227.8

185.0

158.5

195.9

235.5

185.8

172.1

198.9

 Revenue Casino per active player US$

$ 185

$ 221

$ 241

$ 226

$ 202

$ 250

$264

$256

Revenue Poker US$m

21.2

20.1

21.9

24.3

24.4

22.5

22.0

24.7

Active Players Poker (000)

405.3

377.6

349.5

389.7

473.6

409.8

385.1

472.5

 Revenue Poker per active player US$

$ 52

$ 53

$ 63

$ 62

$ 52

$ 55

$ 57

$ 52

Revenue Casino & Poker US$m

63.4

61.0

60.1

68.5

72.0

69.0

67.4

75.6

Active Players Casino & Poker (000)

566.4

504.9

453.7

520.5

634.4

534.7

498.3

601.7

 Revenue Casino & Poker per active player US$

$ 112

$ 121

$ 133

$ 132

$ 113

$ 129

$ 135

$ 126

B2B Revenue

Revenue B2B

11.2

11.6

11.6

11.6

11.2

11.9

11.2

14.1

Revenue

94.4

92.1

91.9

97.5

102.9

97.1

93.7

106.8

 

*Rounded.

 

 

 

 

 

 

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