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888 Holdings witnessed announced that pre-tax profits for the six months to June 30 fells 63% to 22.2 million US dollars (£18 Million) against the same period in 2018. The Gibraltar-based company warned it “may become ineligible to continue to hold regulatory licenses in certain EU jurisdictions”.
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888 noted that the EU exit could also significantly impact economic and market conditions in the UK.
Shares in 888 holdings slumped 6.7% to 157.4p in early trading Tuesday.
It wasn't all bad news for the online betting firm. The company did hit its revenue expectations.
Average daily revenues rose by 9% driven by the strong UK performance.
Total revenue in the United Kingdom rose 13% to 97.6 million dollars (£79 million). Like-for-like revenues surged 23% higher despite a “stricter regulatory environment”.
Itai Pasner, chief executive officer of 888, said: “The group’s business in the UK has continued its recovery, which was underpinned by exciting product innovation as well as 888’s successful casual customer focus, and further expanded across several regulated European markets including launching its offering in Sweden and Portugal.
“The board continues to believe that 888 is very well positioned for the future as a result of the group’s diversification across products and markets, product leadership, and first-class team.
“888 has a number of exciting growth opportunities ahead which will leverage the group’s new product developments and marketing innovation.”
Ivor Jones, analyst at Peel Hunt, said: “In the face of regulatory pressure, 888 has changed the product and marketing focus of its UK business, restored it to healthy growth and demonstrated the strength of its platform.
“Overall numbers were in line and we are not changing forecasts today but there is plenty about which to be optimistic.”
- Aaron Goldstein, Gambling911.com
