888 Holdings Plc (888.L), owner of leading online casino 888.com and poker room PacificPoker.com published an interim Management statement, revealing some of its financial results for 2009 fourth quarter and full year.
Here are the highlights from 888 results (2009 compared to 2008):
Annual operating income decreased 6% to $247M in 2009, but increased 14% in Q4 compared to Q4 2008 to $68M.
Main cause for decrease in annual income is B2C casino and poker operations.
Annual casino operations decreased 13% to $199, but increased in Q4 by 13% to $33. Main reason for decrease is exchange rates changes.
Annual poker operations decreased by 30%, to $52M, and continued their decrease in Q4, although in a much lower rate: 11% to $13M.
B2C casino and poker decrease was slightly offset by increase in B2C emerging offering and B2B operations:
Emerging offering annual income increased in 2009 by 82% to $25M, and increased 52% in Q4 to $7M
B2B annual income increased by 33% to $51M in 2009 and by 36% in Q4 to $14M.
Gigi Levy, 888 Chief Executive Officer, commented on the financial results, saying:
"We are pleased that the fourth quarter saw a return to stronger trading, with 14% top-line growth compared to 2008 and 12% quarter on quarter. Overall, trading during the quarter was strong across the business. Dragonfish continues its impressive growth, and in B2C Casino and Emerging Offering were particularly strong, with poker also returning to growth quarter on quarter.
Our positive momentum continues into 2010 and, supported by the successful Wink acquisition and our various business initiatives, we expect to grow the business further during the current year."
