888 revenue climbs 39% in half year results
888 Holdings recorded robust profit growth in the first half of 2021, revenue was up 39% to £528.4m whilst gross profits rose 40% to £352.4m, highlighting that the strong momentum built off the back of last year’s initial COVID lockdown has been maintained.
Revenue from regulated and taxed markets represented 75% of Group revenue (H1 2020: 73%), with over 50% growth in regulated markets revenue. Adjusted EBITDA of $97.4 million (H1 2020: $70.1 million), with the Adjusted EBITDA margin stable at 18.4% (H1 2020: 18.5%).
Throughout July and August revenues increased by mid-single digit percentage relative to the prior year period, with the slowdown in the rate of growth reflecting the impact of retail and leisure venues reopening across international markets, and the previously disclosed expected impact of regulatory and compliance changes.
Itai Pazner, CEO of 888, commented:”The strong momentum from 2020 continued into the first half of 2021, with growth driven primarily by regulated markets, where we believe ongoing market share gains continue to reflect our product-leadership strategy, highly effective data-driven marketing, and our excellent content. We made significant strategic progress in the first half, securing a long-term strategic partnership with Sports Illustrated to strengthen our position in the US.
We also continued to execute our product leadership plan, delivering further improvements in the usability and quality of products across sports and gaming, all the while maintaining our persistent focus on delivering our safer gambling priorities. The Board remains confident that, with 888’s advanced technology, products and diversification across markets, the Group remains well positioned to deliver further strategic progress during 2021 and beyond.”