888 Holdings plc
14 September 2006

888 Holdings Public Limited Company

('888' or the 'Company')


Interim Results for the six months ended 30 June 2006





888, one of the world's most popular online gaming entertainment companies,
announces its interim results for the six months ended 30 June 2006.


Financial Highlights


Profit before tax* up 88% to $48.0m (H1 2005: $25.6m)
Net Gaming Revenues ('NGR') up 32% to $163.5m (H1 2005: $123.7m)
Profit before tax* margin up to 29% (H1 2005: 21%)
Operating expenses % of NGR down to 25.6% (H1 2005: 28.0%)
Cost per acquisition** of US$165 (H1 2005: US$200)
Net cash generated from operating activities up 109% to $56.1m (H1 2005:
$26.8m)
Basic EPS* up 89% to 13.8c (H1 2005: 7.3c)
Interim dividend of 4.5c per share
Special dividend of 4.0c per share


* 2006 - excluding share benefit charges


** Excluding customers recruited on a revenue share basis.


Operational Highlights


Geographical expansion outside US - 48% of NGR from non-US territories
and 67% of new real money sign ups from non-US territories


Rapid growth in NGR in the UK up 61% and Continental Europe up 16%


Increased yields per member from Casino and Poker divisions


Continued technological innovation


Continued investment in the 888 brand through sports sponsorships
including two new football sponsorships with Sevilla FC and Toulouse FC in
addition to the World Snooker Championship and a third year with
Middlesbrough FC


Commenting, John Anderson, CEO of 888 said:


'These are excellent results and represent a record performance of profitable
growth. We have delivered on all our flotation goals.


Trading during the first 10 weeks of Q3 is in line with management expectations
and we are on track to achieve a satisfactory outcome for the full year.

As of 31 December 2006, I shall step down as CEO and take the role of
non-executive Director. The current COO, Gigi Levy will succeed me as CEO.
Gigi is an excellent, experienced individual who is more than capable of taking
on this challenge.

I am proud to have led 888, since 2000, through its formative years into the
success it is today. Over the past six years, 888 has been a pioneer in the
online gaming industry.'



An audio replay of the presentation to analysts will be available from the
investor relations section of 888's website (
http://www.888holdingsplc.com

888 announces its audited annual financial results for the year ended 31 December 2014.

Financial Highlights
·
Revenue increased 14% to US$455m (2013: US$401m)
·
B2C Revenue increased 11% to US$391m (2013: US$352m)
·
B2B Revenue increased 32% to US$64m (2013: US$48m)
·
Adjusted EBITDA* increased 33% to US$101m (2013: US$76m)
·
Adjusted EBITDA* margin increased to 22.1% (2013: 18.9%)
·
Profit before tax increased 28% to US$68m (2013: US$53m)
·
Cash generated from operating activities increased 24% to US$112m (2013: US$90m)
·
Corporate cash net of customer liabilities increased 58% to US$96m (2013 US$60m)
·
Final dividend at 4.5 cents per ordinary share per policy (2013: 4.0 cents), and due to strong performance the Board is recommending an additional one-off dividend of 7.0 cents per share (2013: 7.0 cents), bringing the total dividend per share for the year to 15.0 cents per share (2013: 14.0 cents)
·
Adjusted EPS* increased 16% to 19.2 cents per share (2013: 16.6 cents)
·
Basic EPS increased 13% to 16.1 cents per share (2013: 14.2 cents)
·
As at 31 December 2014, 888 had 17.9 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 15% from 31 December 2013


Operational Highlights
·
Mobile embedded and driving growth across product verticals now representing 33% of UK revenue
·
Continued outperformance in Casino reflecting market-leading product and CRM
·
888Poker bucks negative industry trends and maintains No. 2 position in global poker rankings
·
Spectacular growth from 888Sport including strong FIFA World Cup
·
Further excellent progress in Spain including launch of Sport in H2
·
Encouraging trends in Italy following launch of mobile in Q4
·
B2B growth from Dragonfish including the addition of 13 new Bingo skins


Recent Developments
·
Successful deployment of shared poker network across states of Delaware and Nevada in March 2015 creating significant competitive edge for 888 and its operating partners.

Brian Mattingley, CEO of 888, commented:
"2014 was another record-breaking year for 888 during which we again delivered strong growth in revenue and profitability. This outstanding result reflects the fundamental strength of our business and the continued execution of our focused strategy. This is underpinned by our strong brands, exceptional technology and industry-leading marketing systems.

Our core Casino product delivered another outstanding performance reflecting our strength and heritage in this vertical, while 888Poker cemented its position at number two in the PokerScout global rankings at the year end. The outstanding 115 per cent revenue growth from 888Sport was an undoubted highlight of 2014 and we continue to see very exciting growth opportunities in this vertical.

Trading during the first quarter of the year has been in line with our expectations with significant increases in new customer recruitment as well as increases in deposit level and bet volumes. Average daily revenue during the quarter to date was 6 per cent lower than the previous year, and on a constant currency basis and excluding the impact of VAT, which from 2015 is deducted from revenue generated in certain jurisdictions, the performance was 7 per cent ahead.

Whilst the business faces external challenges in the form of Point of Consumption Tax in the UK, VAT in certain jurisdictions and adverse foreign exchange movement from a strong US Dollar, I am confident that the Group is well placed to take advantage of opportunities that regulatory change opens up to companies such as 888.

I am delighted with 888's record achievements in 2014, and I would like to take this opportunity to thank each member of our dynamic and talented team for their fantastic efforts during the year."

StockMarketWire.com
Online gaming group 888 has confirmed it has made a takeover approach for bwin.party digital entertainment.

The company said the board had noted press speculation concerning a possible offer and said it believes that there is significant industrial logic in a combination of 888 and bwin.party.

Due to the size of the proposed transaction, it would require the approval of 888 shareholders. 888 shareholders representing approximately 59% of 888's share capital have irrevocably committed, subject to customary conditions, to vote in favour of the proposed transaction.

888 stresses there can be no certainty that the submission of this proposal will lead to the company being selected as the proposed acquirer of bwin.party or, in turn, completing a transaction. A further update will be provided in due course.

Canaccord Genuity lifts 888 Holdings to buy from hold, target raised from 166p to 176p.

"888 and Bwin have announced they have reached agreement on the terms of a recommended offer, whereby 888 will pay 104.09p per share (lower than the GVC offer of 110p per share) to acquire the entire issued share capital of Bwin. Bwin shareholders will receive 39.45p in cash and 0.404 888 shares (with a mix and match facility available). Synergies are estimated to be on less than $70m (by 2018) and the acquisition is anticipated to be EPS enhancing in year one. Following today's acquisition we upgrade 888 from Sell to Hold and increase our target price to 150p (from 96p)."

Numis note today:
"● 888 expects cost synergies of not less than US$70m before the end of FY18. Cost synergies are expected to be extracted from, inter alia: rationalising duplicated costs; reduced overall investment in duplicated technology; economies of scale; and, reduced administration expenses.
● Revenue synergies are not quantified but are expected by 888 to be derived from: cross-selling bwin.party's sports product to 888 customers; the application of 888's "industry-leading back office and CRM systems for bwin.party's existing customer base"; and, from the benefits of improved liquidity in poker.
● Possible spin out of bwin.party "Studios". Post-deal, 888 indicates that it could spinout bwin.party's "Studios" technology business with shares being distributed to 888 shareholders. If Studios has acquired sufficient critical mass and is spun out, it would continue to provide B2B services to existing customers and seek to add new ones.
● Greater scale and reach. Post deal, 888 will have revenue of over US$1bn and be a leading online gambling operator in Belgium, Denmark, Germany, Italy, Spain and the UK and will be licensed in 13 jurisdictions. There is relatively little overlap: 888's core market is the UK whereas Germany is bwin.party's largest single market. bwin.party's principal product is sports betting whereas 888 is more focussed on casino and poker.
● 888 expects the transaction to be earnings enhancing for 888 shareholders in the first full year of ownership "on the basis of the anticipated cost synergies". The cash component of the offer will be financed by 888 through a new US$600m facility. Completion is expect in late 2015 or early 2016.
● GVC proposal not sufficient. GVC's proposal had a headline value of 110p per share. bwin.party describe it as having "many attractive features" but said that it also carries "additional execution risks". The board found 888's offer with its slightly lower headline value provided "a higher degree of certainty". There is a break fee of £5.7m payable to 888 by bwin.party if the recommendation of the board should be withdrawn. If 888 acquires bwin.party it will create a materially larger business with cost and revenue synergies to extract. There will be a multi-year plan to extract those synergies while optimising the portfolio of businesses with a spin out of Studios being high on the agenda."

StockMarketWire.com
888 reports record revenues of US$262.0m in the six months to the end of June - up 19% on last time.

B2C revenue increased by 21% to US$229.5m (H1 2015: US$189.6m) and Casino revenue increased by 31% to US$137.4m (H1 2015: US$104.9m). Sport revenue increased by 63% to US$25.0m (H1 2015: US$15.3m).

Revenue from regulated markets increased 29% and represents 63% (H1 2015: 58%) of total.

Adjusted EBITDA increased by 8% to US$44.1m (H1 2015: US$40.9m); EBITDA increased by 36% to US$38.2m (H1 2015: US$28.0m) despite adverse currency movements of US$3 million.

Profit before tax increased by 39% to US$27.8m (H1 2015: US$20.0m).

Interim dividend of 3.8c per share is up from 3.5c last time.

Chief executive Itai Frieberger "888 has delivered a very encouraging performance in H1 2016, resulting in a 19% increase in Group revenue to a record $262.0 million. This strong outcome was driven by outstanding momentum at 888Casino and 888Sport where we achieved impressive revenue increases of 31% and 63% respectively.

"In line with our strategic focus we have made further excellent progress developing 888 in regulated markets and have grown regulated revenue by 29% against the prior year, reflecting strong performances in the UK, Spain and Italy as well as 888's recent successful launch in Denmark.

"888's continued success is built on our first class technology and core expertise in CRM, marketing and analytics. These strengths, along with the fantastic efforts of our highly skilled and dynamic team, mean that the business is in excellent shape to deliver long term sustainable growth. Trading in Q3 has started well with average daily revenue until 27 August 2016 15 per cent. above strong previous year comparatives and 22 per cent. higher on a like for like basis. With this strong momentum the Board remains confident of delivering against expectations for the full year."

StockMarketWire.com
Online gaming entertainment and solutions provider 888's revenue increased 13% to US$520.8m in the year to the end of December and by 18% on a constant currency basis.

B2C revenue increased 15% to US$460.2m (2015: US$399.4m) - up 20% on a constant currency basis.

Casino revenue rose by 21% to US$279.3m (2015: US$230.6m) - up 26% on a constant currency basis.

Revenue from Sport increased 49% to US$51.9m (2015: US$34.8m) - up 58% at constant currencies.

Adjusted EBITDA rose 12% to US$90.2m (2015: US$80.6m); on a constant currency basis adjusted EBITDA increased 24% to US$100m.

Adjusted EBITDA margin remained stable at 17.3% (2015: 17.4%) or 18.3% at constant currencies.

The board has recommended a final dividend of 5.1c per share (2015: 4.0c per share) due to the strong results and additional one-off 10.5c per share to bring the total for the year to 19.4¢ per share (2015: 15.5c per share).

Chief executive Itai Frieberger said: "2016 was another fantastic year for 888 during which we continued to deliver very strong organic revenue and profit growth.

"This was again underpinned by further outstanding progress in Casino, Sport and across regulated markets.

"888's further expansion in the UK, Spain and Italy is a strong demonstration of the Group's ability to drive excellent growth and build leading market positions across regulated markets as the industry continues to head in this direction.

"Despite currency headwinds, revenue reached an all-time high of 520.8 million dollars and, at constant currency, increased 18% year on year to US$546.4 million.

"At the same time, the Group's underlying margins remain healthy and profit before tax increased significantly to 59.2 million dollars.

"These strong results demonstrate the truly outstanding underlying momentum in the business.

"In addition, the Group's strong free cash flow and confidence in the outlook has enabled the Board to propose a 25% increase in total dividend for the year.

"Current trading since the start of the year remains healthy with average daily revenue more than 11% above the previous year at constant currency.

"888 is a fast-growing operator with the majority of its revenue now generated from regulated markets.

"The Group is truly diversified with successful operations under 10 licences, four established B2C product verticals and an outstanding B2B offer.

"Underpinning 888's success we have a leading-edge technology platform and an exceptionally skilled team.

"The board continues to see a number of significant growth opportunities for 888 both in new and existing markets and we look forward to another exciting year of progress."

Having a good run of late. Just wonder if GVC will take them out one day ?

Very high volume today, perhaps news due.

A bid would be great.

Thurs 11 May dividend - Final 4.12p and special 8.5p :-))

Nice and steady climb.

888 Holdings: Canaccord maintains Buy with a target price of 330p.

Broker Forecast - Peel Hunt issues a broker note on 888 Holdings PLC
BFN
Peel Hunt today reaffirms its buy investment rating on 888 Holdings PLC (LON:888) and raised its price target to 350p (from 260p).

Story provided by StockMarketWire.com

Would not quite hold onto the 300p reached. Good day.

888 Holdings PLC (888:LSE) set a new 52-week high during today's trading session when it reached 301.75. Over this period, the share price is up 40.42%.

Sold today., bit of resistance breaking 300p.

StockMarketWire.com
888 was informed that the UK's Gambling Commission (UKGC) is currently conducting a review of the manner in which a subsidiary of the company carried on its licensed activities.

This would ensure compliance with the UKGC operating licence held by the licensee.

The review was initiated to assess certain measures that the licensee employs to ensure social responsibility to its customers including effective self-exclusion tools across different operating platforms.

888 said it was dedicated to providing players with a responsible and enjoyable gaming experience and the licensee would be proactively engaged with UKGC throughout the review.

Good timing dc