Trading Update and Capital Markets Event
4 June 2019
888 Holdings Public Limited Company
('888', the 'Company')
Trading Update and Capital Markets Event
888, one of the world's most popular online gaming entertainment and solutions providers, is pleased to announce a trading update covering the period from 1 January 2019 to 18 May 2019 (the "Period").
During the Period, Group revenue increased by 6% on a like for like basis* (2% increase on a reported basis). This performance has been underpinned by increased marketing investment and the release of the Group's Orbit Casino platform, which together have driven new customer acquisition up by 20% year on year. The Group's strong momentum has continued across a number of the Group's global regulated markets driven by Sport (29% increase*) and Casino (13% increase*) partly offset by Bingo (flat*) and challenging Poker (28% decline*).
Further to the announcement of 888's 2018 Financial Results in March 2019, the Group has continued to achieve encouraging growth during the Period in the UK market with revenue increasing by 18% on a like-for-like basis* (8% increase on a reported basis). In line with the Group's UK customer focus, the vast majority of UK revenue has been generated by recreational customers.
Underpinned by this encouraging start to the financial year, the Board remains confident that the outcome for the full year will be in line with its expectations.
Itai Pazner, CEO of 888, commented:
"888 has enjoyed a solid start to the year with strong momentum in Casino and Sport across a number of the Group's major regulated markets. Whilst Poker has remained challenging, we were pleased to see an improving revenue trend in Q1 2019 against Q4 2018. In addition, we are very encouraged by a 20% increase in first time depositors across the Group's B2C business in the Period; this reflects 888's outstanding marketing capabilities and is a key indicator of our growth prospects.
As a diversified operator that owns its own technology, the Board continues to believe that 888 has a unique platform to deliver continued growth in the dynamic global online gaming industry."
* At constant currency, adjusted for the migration of Cashcade Bingo and the acquisition of Costa bingo and AAPN.
Capital Markets Event
Later this afternoon the Company will host a Capital Markets Event for investors and sell-side analysts in London. At the event, 888's senior management team will provide a series of presentations on the Group's growth strategy, technology leadership, and focus on safe gambling. No additional material information will be provided during the event. The presentation materials and a webcast of the event will be available on the Company's corporate website later today.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596 /2014.
The person responsible for making this announcement is Itai Pazner, Chief Executive Officer of the Group
Contacts and enquiries:
+350 200 49800
Brian Mattingley, Chairman
Hudson Sandler (Financial PR)
[email protected] or +44(0) 207 796 4133
Alex Brennan / Bertie Berger / Hattie O'Reilly
Notes to Editors:
888 Holdings plc (and together with its subsidiaries, "888" or the "Group") is one of the world's most popular online gaming entertainment and solutions providers. 888's mission is to supply its customers with innovative and market-leading online gaming products, above all in a safe and secure environment.
888 has been at the forefront of the online gaming industry since foundation in 1997, providing to players and B2B partners an always innovative and world-class online gaming experience. At the heart of 888's business is its proprietary gaming technology and associated platforms.
The Group is structured into two lines of business: B2C, under the 888 brands, and B2B, conducted through Dragonfish, which provides partners a leading platform through which to establish an online gaming presence and monetise their own brands.
888's consumer facing websites offer more than just online gaming. They are entertainment destinations: places where people can enjoy a truly interactive experience and be part of an online community that shares common interests. 888's strong and trusted brands are all accessible through www.888.com.
Find out more about 888 at http://corporate.888.com/.
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement reflect 888's view with respect to future events as at the date of this announcement. Save as required by law or by the Listing Rules or the Disclosure Guidance and Transparency Rules of the UK Listing Authority, 888 undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.
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