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888 annual profit falls on higher costs; proposes dividend hike
StockMarketWire.com
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Online gambling company 888 reported a sharp fall in annual profit as a jump in revenue was offset by higher costs. The company also proposed a hike to its dividend, citing 'record-breaking performance.'
For the year ended 31 December 2020, pre-tax profit fell 41.1% to $26.7 million year-on-year while revenue increased 52% to $849.7 million.
The company flagged exceptional charges of US$78.2 million related to a US$79.9 million Bingo goodwill impairment charge in respect of regulatory matters related to legacy customers' activity in previous years.
The final dividend of 12 cents per share was higher than last year's 3.0 cents, bringing the total for the year to 18 cents, up from 6.0 cents.
The final dividend would need to approved by shareholders at a meeting on 20 May 2021.
Looking ahead, the company said it remains confident that it will deliver full year revenue growth in 2021 and said it had seen strong momentum in 2021 so far.
'The annualised impact of regulatory and compliance changes is currently expected to be a headwind to revenues of $70-100 million in the full year,' the company said.
Story provided by StockMarketWire.com
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