Interim Management Statement
888 Holdings plc
07 May 2008
888 Holdings Public Limited Company ('888')
Interim Management Statement
Q1 2008 Key Performance Indicators and Trading Update
888, one of the world's most popular online gaming entertainment companies, is
pleased to provide the following trading update for the first quarter of 2008.
Highlights
• Net Gaming Revenue ('NGR') up 38% to US$64 million (Q1 2007: US$47 million)
• Total Operating Income up 41% to US$66 million (Q1 2007: US$47 million)
• NGR from casino up 35% to US$35 million (Q1 2007: US$26 million)
• NGR from poker up 5% to US$22 million (Q1 2007: US$21 million)
• 27% increase in real money registered customer accounts to 4.9 million
as at 31 March 2008
• Further growth at start of Q2 driven primarily by casino and bingo
Key performance Indicators
Q1 2008
• NGR up 38% to US$64 million (Q1 2007: US$47 million) and 3% above the
previous quarter
• Total Operating Income up 41% to US$66 million (Q1 2007: US$47
million), a 2% increase above previous quarter
• Net Gaming Revenue from casino up 35% to US$35 million (Q1 2007: US$26
million), in line with the previous quarter given the exceptionally high
Casino performance in Q4 2007
• Net Gaming Revenue from poker up 5% to US$22 million (Q1 2007: US$21
million) and 2% increase above previous quarter
• Net Gaming Revenue from Emerging Offering reached US$8 million (Q1 2007: nil)
and 23% increase above previous quarter
• Number of active customers in casino and poker reached 213,115 an increase
of 3.5% compared to Q1 2007 and 2% above previous quarter
• Number of Casino active customers reached 77,370 an increase of 9%
compared to Q1 2007 and 5% above previous quarter
• Number of Poker active customers reached 170,988 an increase of 2%
compared to Q1 2007 and 0.3% increase above previous quarter
• Quarterly NGR per active Casino and Poker customer reached US$267, an
increase of 17% compared to Q1 2007 a 1% decline from previous quarter as a
result of slightly faster increase in active players than NGR increase during
the period
• Casino quarterly NGR per active customer reached US$453, an increase of 23%
compared to Q1 2007 and a 5% decline from previous quarter as a result of
the exceptionally high Q4 2007
• Poker quarterly NGR per active customer reached US$128, an increase of
3% compared to Q1 2007 and 2% above previous quarter
• As at 31 March 2008, 888 had 4.9 million real money registered customer
accounts, representing an increase of 27% in real money customer
accounts since 31 March 2007
Current Trading
The first quarter of 2008 started well with 38% NGR growth year-on-year and an
additional 2.6% NGR growth quarter-on-quarter following the exceptionally high
Q4 2007.
Growth has continued into Q2 2008, particularly in Casino and Bingo. During the
first 32 days of the second quarter daily average group NGR increased 7%,
combined Casino and Poker NGR increased 2% and first time depositors increased
19%, in each case, compared to the daily average in Q1 2008.
Given the positive start to 2008, the successful launch of 888ladies, 888sport
and Live Dealer, our strategic partnership deals, current trading and our clear
business strategy and focus, we are confident of delivering future growth during
2008.
Material Events, Transactions and Financial Position
There have been no material events, transactions or changes in the financial
position of 888 since the year end other than as set out above.
Commenting on today's announcement, Gigi Levy, Chief Executive Officer, said:
'We are delighted with our Q1 2008 results especially given that we achieved
further growth in the quarter well and above the unusually high Q4 2007. Our
growth has continued into Q2, driven particularly by Casino and Bingo and so far
we have not experienced any impact of the historically quieter seasonal period.
Our various business initiatives are progressing well and we are therefore
confident in delivering future growth during 2008.'
- ends -
Contacts and enquiries
888
Gigi Levy Chief Executive Officer +350 49800
Aviad Kobrine Chief Financial Officer +350 49800
Bell Pottinger Corporate & Financial
Ann-Marie Wilkinson/Nick Lambert/Andrew Benbow +44 (0)20 7861 3232
This announcement includes statements that are, or may be deemed to be,
'forward-looking statements'. By their nature, forward-looking statements
involve risk and uncertainty since they relate to future events and
circumstances. Forward-looking statements may and often do differ materially
from actual results. Any forward-looking statements in this announcement reflect
888's view with respect to future events as at the date of this announcement.
Save as required by law or by the Listing Rules of the UK Listing Authority, 888
undertakes no obligation publicly to release the results of any revisions to any
forward-looking statements in this announcement that may occur due to any change
in its expectations or to reflect events or circumstances after the date of this
announcement.
Appendix - KPI
KPI*
Q1 07 Q2 07 Q3 07 Q4 07 Q1 08
Casino & Poker
NGR US$m $ 46.9 $ 47.8 $ 47.6 $ 56.7 $ 56.9
Active players 205,907 208,876 209,811 209,918 213,115
NGR per active player $228 $229 $227 $270 $267
Casino
NGR US$m $ 26.0 $ 27.9 $ 29.0 $ 35.3 $ 35.0
Active players 70,769 72,362 72,847 73,737 77,370
NGR per active player $367 $386 $398 $478 $453
Poker
NGR US$m $ 20.9 $ 19.9 $ 18.6 $ 21.4 $ 21.9
Active players 168,066 166,772 168,105 170,401 170,988
NGR per active player $124 $119 $111 $126 $128
Emerging Offering **
NGR US$m 2.5 5.8 6.2 7.57
Group NGR US$m $ 46.9 $ 50.3 $ 53.4 $ 62.8 $ 64.5
Other operating income $ 0.0 $ 0.7 $ 1.1 $ 1.7 $ 1.6
Total Operating Income $ 46.9 $ 51.0 $ 54.5 $ 64.5 $ 66.1
*Rounded
** Reclassified
This information is provided by RNS
The company news service from the London Stock Exchange