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.
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.