Financial Highlights
Revenue increased 13% to US$225.1m (H1 2013: US$200.1m)
B2C Revenue increased 9% to US$192.8m (H1 2013: US$177.0m)
B2B Revenue increased 40% to US$32.3m (H1 2013: US$23.1m)
Adjusted EBITDA* increased 27% to US$49.0m (H1 2013: US$38.6m)
Adjusted EBITDA* margin increased to 21.8% (H1 2013: 19.3%)
Profit Before Tax decreased 4% to US$34.0m (H1 2013: US$35.5m) impacted by FX.
Cash generated from operating activities increased 22% to US$46.7m (H1 2013: US$38.3m)
Corporate cash net of customer liabilities increased 50% to US$60.0m (H1: 2013 US$40.0m)
Interim dividend of 3.5 cents per ordinary share (H1 2013: 3.0 cents)
Operational Highlights
Record performance driven by strong growth across B2C and B2B lines of business
Continued development of mobile - driving growth across product verticals
Casino growth driven by innovative CRM and content
888poker continued to buck negative industry trends and maintained number 2 position in global liquidity rankings**
Bingo turnaround delivering results with strong growth from revamped mobile offer
Sport revenue more than doubled reflecting quality of the improved 888sport product and a successful FIFA World Cup
Strong market share maintained in Spain in Casino and Poker
Further progress in regulated US market as All American Poker Network ("AAPN") grows its network and 888 brand builds traction
In February, Delaware and Nevada signed a compact to pool poker liquidity providing an opportunity unique to 888 as the only operator offering its platform in both states
Richard Kilsby, Non-executive Chairman, to retire following 2015 AGM with Brian Mattingley stepping down as CEO becoming Executive Chairman at that time and Itai Frieberger, COO, joining the Board in January 2015
Brian Mattingley, CEO of 888, commented:
"888 has delivered another excellent set of results in what has again been a record-breaking period for the business. Revenue growth has been driven by strong performances across both our B2C and B2B lines of business which reflects our exceptional brands, technology, marketing and CRM systems as well as the passion of our highly skilled team.
We have delivered growth across all key product verticals, with Casino the standout performer delivering another period of double-digit growth. We are delighted by the turnaround of our improved Bingo business and 888sport has delivered an outstanding performance by more than doubling revenue year on year reflecting the strength of our re-launched offer.
Whilst the outcome for the full year will be dependent on trading in the second half we continue to look forward with confidence as we further develop the business."
