888 Holdings hits back of the net

888 Holdings has delivered a large rise in profits

888 Holdings has delivered a large rise in profits

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Online gaming firm 888 Holdings has chalked up an 82 per cent rise in full-year profits, helped by a rise in punters betting on sporting events such as Euro 2016.

The company said pre-tax profits for the 12 months to December 31 came in at 59.2 million US dollars (£47 million), with revenues rising 13 per cent to 520.8 million US dollars (£420 million).

As a result, 888 said it will ramp up its dividend 25 per cent to 19.4 cents per share.

Chief executive Itai Frieberger said: “2016 was another fantastic year for 888, during which we continued to deliver very strong organic revenue and profit growth. This was again underpinned by further outstanding progress in casino, sport and across regulated markets.”

888 said it enjoyed a “very successful” European Football Championships last summer, adding that trading at its casino arm also saw strong growth.

The company said it will also expand further in the UK, Spain and Italy. Last year 888 pulled out of a joint bid with Rank Group for rival William Hill, but said on Tuesday that mergers and acquisitions remain a part of its strategic agenda.

It said: “888 has significant organic growth potential and - where M&A might complement this - we will continue to evaluate and explore appropriate opportunities.”

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