888 is undoubtedly one of the popular internet gaming solutions and entertainment providers. The company recently released its post-close trading update related to the full-year results. The period for this year ended on the 31st of December, 2019. The board of the company is confident that 888 will achieve the adjusted EBITDA outcome for this period, which is meeting the expectations. The confidence is a result of the continuous progress of the company in the 2nd half of its financial year. It culminated in the revenue of December, which set a record.
888 Performance across the Different Markets
The continued success of the Orbit platform for casinos underpinned the performance of the company. It is a massive success across a great number of regulated markets. The group also achieved good growth in sports revenue.
On the other hand, it seems that poker remains a challenging market for the group. Although, 888 is pleased by its progress during the 1st-phase roll out of Poker 8, the new poker platform. That took place in the 2nd half of 2019. 888 is looking forward to adding more and exciting product features so they can roll out the final phase of the platform across the poker markets of the group in 2020.
In the United Kingdom, the 888 Group managed to continue earning an increase in revenue. The increase reflects its sustained focus on entertaining and engaging with recreational customers. In the Italian market, the group continues its positive progress during the 2nd half of the year, thanks to its casino performance. As for the Spanish market, the revenue got a negative impact due to the launch of the competition’s shared poker networks, which spread between France, Portugal, and Spain. Overall, as per the strategic focus of 888, the revenue that the company generated from regulated markets increased when compared to last year.
The Company’s Chief Executive Officer Comments on the Trading Update
Itai Panzer stated that the group was able to deliver substantial progress in the 2nd half of the financial year. It is mainly thanks to Casino and Sport. They are also very encouraged with the growth of the number of new players in 2019 with a record of over one million new players.