888 Holdings 2021 pretax profit increased on lower expenses and record revenue
By Michael Susan
888 Holdings PLC said on Wednesday that its 2021 pretax profit rose as its revenue hit a record high.
The online betting and gaming company recorded a pre-tax profit for the last year of £81.3m ($106.5m) compared to £26.7m in 2020, mainly due to the decrease in exceptional expenses.
Revenue rose 15% to a record £980.1m, driven by business-to-consumer growth in its core markets and competitive advantages in products and content, it said .
The company said it has enjoyed improved momentum since late 2021.
888 Holdings said it plans to launch in new markets in 2022, including Ontario, 3-4 additional states with SI Sportsbook, and relaunching in the Netherlands.
The board has not declared any dividend payouts as it expects potential capital needs from the company’s pending acquisition of William Hill.
“As we enter 2022, we have continued to develop our plans to capitalize on the significant long-term potential of several emerging markets, and we have a good pipeline of local M&A or partnership opportunities,” said he declared.
Shares at 0806 GMT rose 3.5 pence, or 1.8%, to 196.5 pence.
Write to Michael Susin at [email protected]