Record Breaking Run Continues at 888

LONDON (SHARECAST) - Online gaming solutions provider 888 said trading in 2012 has continued at record levels, building on the strong performance in the final quarter of 2011.

Fourth quarter revenue was up 28% to $91m from $71m in the corresponding quarter of 2010.

As at 31 December 2011, 888 had 10.6m casino, poker and sport registered customer accounts, excluding those running virtual "try before you buy" accounts, representing an increase of 22% from 31 December 2010.

The business to consumer (B2C) side of the business saw revenue jump 32% to $79m from $60m in the fourth quarter of 2010, while the Dragonfish business to business (B2B) arm grew revenue by 6% to $12m from $11m the year before.

"Strong trading was led by an excellent performance in our B2C Casino & Poker, and is the successful result of an increased strategic focus on our core competencies and the stand out success of Poker 6," suggested Deputy Chairman Brian Mattingley.

Trading in 2012 continues at record levels, with the average daily revenue during the first 35 days of 2012 25% higher than the average during January 2011 and 2% higher than the average during the record final quarter of 2011.

Daily average new customer recruitment increased by more than 25% compared to the fourth quarter of 2011 while daily average deposits continued at high levels.

As at 30th January 2011 the group had $83m of cash and cash equivalents, and $45m liabilities to customers.

Despite the record breaking performance, the shares eased back 0.75p to 56.5p on the day of the trading update.