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888 sets new revenue record in 2017

| By iGB Editorial Team
888 Holdings has announced record group revenue of $541.8m (€439.1m) for the 12 months through to December 31, 2017

888 Holdings has announced record group revenue of $541.8m (€439.1m) for the 12 months through to December 31, 2017.

Group revenue was up 4% on a year-on-year basis, while revenue in regulated markets excluding the UK also increased 26%.

B2C revenue rose 6% from $460.2m in 2016 to $486.6m in the past year, while casino revenue climbed 4% to $293.9m and sport revenue 45% to $75.5m.

Elsewhere, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased 12% year-on-year to $100.7m, although this grows to a rise of 19% on a constant currency basis.

888 also said that substantial free cash flow allowed for dividend payments of $70.5m during the year, up from $56.6m in 2016.

In addition, adjusted earnings per share climbed 15% year-on-year to 20.1 cents, but basic earnings per share were down 76% to 3.5 cents.

Itai Frieberger, chief executive of 888, said: “888 has delivered another year of progress, achieving record revenues of $541.8m and a 12% increase in adjusted EBITDA.

“The group’s growth was driven by further expansion in casino, sport and across regulated markets.

“This very robust outcome was achieved despite the group’s withdrawal from certain markets during the year and demonstrates 888’s resilience and agility that is underpinned by first-class technology and an outstanding team.

“The group has continued to reap the rewards of its investments in recent years in several growth markets including Spain and Italy.”

Frieberger added: “Current trading since the start of the year is in line with our expectations with average daily revenue 6% above the previous year, representing an 8% increase when adjusted for the withdrawn markets.

“The group has a number of significant growth opportunities ahead and the board is confident of another year of operational progress.”

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