888 shares slide on first-half profit dip
888 Holdings saw profit fall sharply in the first half of the year on higher costs and lower poker and B2B revenue.
For the six months ended 30 June, pre-tax profit fell to $22.2m from $60.1m, while revenue increased 2% to $277.3m, with like-for-like revenue increasing 7%.
Profit was weighed down by exceptional expenses of US$1.6m and lower earnings (EBITDA) related to the acquisitions of AAPN and a portfolio of bingo brands including Costa Bingo, the company said.
Casino, sport and bingo revenue increased by 9%, 19% and 10% respectively, while poker revenue B2B revenue decreased by 24% and 24% respectively.
‘Trading during the second half of the financial year to date has been in line with the Board’s expectations with average daily revenue 6% higher than third quarter of 2018,’ the company said.
‘888 remains very well positioned to continue to deliver its strategic objectives and achieve its expectations for the full year,’ it added.