888 Records £13.3m Loss in H1 Following Record Fine
888’s record £7.8m fine from the Gambling commission has added to their woes as they reported a pre-tax loss of £13.3m in the six months to June. This was in contrast to the £21.5m reported for the same period last year.
The fine however hefty was not the only contributing factor for the losses as there were e other exceptional charges. These included the £4.2m set aside for the probe of the UKGC as well as a VAT bill in Germany amounting to £35m.
On the positive side total revenues increases 9% to £209m. Standout performers were sports betting which rose 35% to £26m. Mobile was key to UK revenues and made up 69% of total revenue.
CEO Itai Frieberger commented on the mixed results,” Trading in Q3 has started well and in line with the board’s expectations. Underpinned by this momentum as well as the proven strengths of the group’s business model, the board remains confident that 888 will achieve further progress and deliver its expectations for the full year.”