Half year results are up showing an 88 percent increase over last year, but Anderson is to stand down in December to be replaced by Levy.

888 Holdings plc is among the online gambling industry's largest online gambling groups. For the six month period ending in June, the company has shown stellar operational results. Their profits are up for that same six month period of the previous year.
Nevertheless, John Anderson, the company’s Chief Executive Officer, announced recently that he would be standing down from his position as CEO by year’s end to make way for the new chief operating officer, Gigi Levy.
With the exclusion of share benefit expenses, pretax profit for the first six months was US$ 48 million. This compares with $25.6 million for the previous year. Per share earnings went from 7.3 cent a year earlier, to 18.8 cents. This represents a 89% increase.
With the pretax profit margin having gone from 21% to 29%, the net gaming revenues had increased by 32%, from $123.7 million to $163.5 million.
For the initial 10-week period for the 3rd quarter, trading is in agreement with expectations. CEO Anderson announced that the organization is expecting that resulted for the entire year will be better than expected.
Nevertheless, Anderson points out that the possible passage of the Internet Gambling Prohibition and Enforcement Bill, which at the present time is now before the Senate, with regard to the United States at least, could impact rather negatively on 888's business. This is a factor to consider since the first six months of the year involved business the majority of which came from the United States, with 52% of the group’s net gaming revenue having come from activity involving United States based customers.

Back to Online Gambling News - September 2006
Online Casino Latest News
Online Casino News Archive