888 Holdings, a renowned gambling enterprise, recently released a revenue report that showed a 13 percent spike in the company’s annual revenues.
The growth of profits to an estimate of £239m or $376m is noteworthy.
Brian Mattingley, the chief executive officer of 888 Holdings commented on the spike in profits and stated,
Our success in Spain and Italy shows that we have the right product and technology led marketing to make significant inroads into new markets, and we will look to repeat that success in other regulating territories… We are experiencing a significant increase in customer recruitment and revenue from mobile platforms and, given our focus and commitment to investment in mobile, see this is as just the beginning of an increasing trend.
The spike in revenue is particularly noteworthy because while Spain and Italy are not doing so well economically, but their online poker sector seems to be thriving. 888 Holdings has been a fairly new entrant into the European market but has recorded a great performance and has seen its online poker profits soar.
Mattingley explained the reason for the company’s growth stating that poker was spurring profits. He mentioned a 32 percent rise in poker profits alone, while the bingo sector dropped by as much as 11 percent. Casino profits also ascended the revenue charts by 6 percent.
The high performance is driven primarily by Poker and newly regulated markets and is leveraged by our recent successful targeted marketing campaigns, ongoing focus on customer retention and increased investment in our mobile offering.
Mattingley also mentioned the company’s hopes for the future and it would appear that 888 Holdings is very optimistic and hopes for even better profits. “2013 has started strongly, and we therefore remain confident of future growth” he said.
Another factor that must be noted is that 888 Holdings is expected to stay in the profit margins for a long time.
Peel Hunt, on evaluating the 888 Holdings shares commented that the shares were a buy. Nick Batram from Peel Hunt sent a notification to clients of the company supporting the 888 Holdings shares.
888 has delivered a record fourth quarter and a record year in terms of top-line revenue — the continued growth in poker is particularly impressive…The company is one of a select few that has proven that it can deliver a credible performance in newly regulated markets. For this and the strategic opportunities open to 888, it deserves its premium rating
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