888 upbeat on trading ahead of financial year-end

Business News

Online gaming entertainment and solutions provider 888 Holdings updated the market on its trading on Thursday, prior to entering the close period in respect of its full year results for the year to 31 December.

The FTSE 250 company said that, further to its half yearly report on 5 September, it anticipated that adjusted EBITDA for the period would be in line with market expectations.

That had been achieved despite the increased regulatory focus, primarily in the UK, and the strategic decision to exit from five markets in the first half of the year.

The group said business had again been driven by further progress in its casino operations, strong momentum with 888Sport, increased activity on mobile devices and continued expansion in regulated continental Europe markets – most notably Italy and Spain.

“888 has continued to develop its position in European regulated geographies, further diversified the business and maintained a firm focus on enhancing operational efficiencies,” said chief executive Itai Frieberger.

“A major focus in 2017 has been on ensuring that 888 is leading the way in terms of compliance and responsibility.

“This is an ongoing process of continuous improvement and I am confident that 888 is well positioned as the regulatory focus on the industry continues to become tighter, particularly in the UK.”

Frieberger described 888 as an “agile business” with an entrepreneurial culture and team, which has successfully adapted to opportunities and challenges during 2017.

“Our progress has again been underpinned by the strength of 888’s proprietary technology as well as the group’s core expertise in CRM, marketing and business analytics.

“With these qualities, 888 remains well positioned for future growth.”