Record Profits From 888.Com

Published: Thursday, September 14, 2006 Online-Casinos.com

RECORD PROFITS FROM 888.COM

Half year results align the numbers, with profits up 88 percent on last year, but Anderson is to stand down in December.

One of the industry's biggest online gambling groups, 888 Holdings plc has released stellar operational results for the half year to June, achieving a record breaking 88 percent rise in profits over the same period last year.

But Chief Executive Officer John Anderson has announced that he plans to stand down at the end of this year, handing over to the current chief operating officer, Gigi Levy.

Pretax profit excluding share benefit charges was US$ 48 million compared to $25.6 million a year earlier, while earnings per share rose 89 percent to 18.8 cents from 7.3 cent.

Net gaming revenues were up 32 percent to $163.5 million from $123.7 million and the pretax profit margin was up to 29 percent from 21 percent.

Trading in the first 10 weeks of the third quarter is in line with expectations and the group is on track to deliver a satisfactory full year outcome, Anderson revealed.

The company warned that if the Internet Gambling Prohibition and Enforcement Bill, currently being considered by the Senate, is passed in the US it may have a "material adverse impact on 888's business". In the six months to June 52 percent of the group's net gaming revenue was derived from customers based in the US.