Online poker boom is a winning hand for 888
Monday 04 February 2013
The boom in poker and other gambling games shows no sign of letting up, at least for 888, one of the most popular online gaming groups.
It said today that annual revenues had jumped 13% to $376 million (£238.5 million), helped by expansion in Europe and growth on mobile devices.
Chief executive Brian Mattingley said: “Our success in Spain and Italy shows that we have the right product and technology-led marketing to make significant inroads into new markets, and we will look to repeat that success in other regulating territories.”
Mattingley added: “2013 has started strongly, and we therefore remain confident of future growth.”
City brokers are mostly upbeat about the company, too. Nick Batram at Peel Hunt rates the shares a buy, saying in a note to clients: “888 has delivered a record fourth quarter and a record year in terms of top-line revenue — the continued growth in poker is particularly impressive.
“The company is one of a select few that has proven that it can deliver a credible performance in newly regulated markets. For this and the strategic opportunities open to 888, it deserves its premium rating,” Batram added.
Nevertheless, the shares today fell back 4.25p to 118.5p as some took profits.
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