888 confident of hitting full-year targets

888 confident of hitting full-year targets

Wednesday, December 19, 2018 Posted by News Team
Finance
Operator notes UK performance has improved in second half of 2018

888 Holdings has said that it is on track to meet earnings targets for 2018 as a result of the business’ performance in the second half of the year. 

In its pre-close trading update the operator said that it had continued to make progress towards its strategic objectives, with its board confident that it would hit targets for earnings before interest, tax, depreciation and amortisation. 

This had been underpinned by continuing strong momentum in its sports and casino verticals across regulated European markets. This was supported by the roll-out of its revamped casino platform Orbit, with a new poker product, Poker 8, set to begin a phased launch in the coming weeks. 

The operator claimed its UK business had performed strongly in H2, after a difficult first half. Positive trends first reported following the publication of 888’s H1 results in September had continued, the company noted. 

In the US, meanwhile, 888 said it had further strengthened its position with the roll-out of 888sport in New Jersey, and the acquisition of its joint venture partners’ stakes in the All American Poker Network setting it up for further growth.

"888 remains very excited by the significant long-term growth opportunities in the US market and, throughout the year, we have made significant operational progress in the region,” chief executive Itai Frieberger explained. “The recently announced acquisition of the remaining stake in AAPN places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders.

"Underpinned by the strength of the group's technology as well as our fantastic team and diversification across products and regulated markets, the Board remains excited by 888's long-term growth prospects."  

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