Huge Full Year Profits for 888
This week online gambling operator 888 Holdings PLC reported a huge rise in full-year earnings for last year. The increase is mainly a result of reduced impairment chargers and higher revenues from both poker and casino games.
888 Holdings has released its earnings for last year which reveal some huge increases in profits.
The company has posted pre-tax profit of $40.8 million, compared with $5.8 million the year before.
After tax this results in $35.4 million profit, a vast improvement of the $1.9 million from the year before.
On a per share basis the year’s yearnings were 10.1 cents compared with 0.6 cents a year ago.
On an adjusted basis this means that earnings per share almost doubled, they were worth 13.9 cents this year compared with 7.4 cents a year before.
Last year 888 Holdings recorded impairment charges of $20.7 million, this year it was greatly reduced to just $2.2 million.
The poker segment saw the biggest increase in revenues, it grew 44% to $87.5 million from $60.6 million in 2011. The casino segment also did well will revenue of $165.5 million, a 12% increase from the $148 million of the year before.
