British online gaming and solutions provider, 888 Holdings, has announced a special dividend for the 5th consecutive year as full-year pre-tax profit jumped 82%, driven by strong the performance in its sportsbetting and casino businesses.
The Company’s Dividends Are Adding Up
The board, which operates 888 Casino, poker, sport and bingo brands, recommended a final dividend of 5.1 cents per share due to the strong results alongside an additional dividend of 10.4 cents per share, which makes it a total dividend of up to 19.4 cents per share. This was the company’s 5th consecutive year declaring a special dividend.
Investec analysts who rate the stock a “buy” said in a statement: “Given 888’s size and superior technology offering, as well as its growing Sport product vertical, we regard 888 as either a consolidator or key potential take-out target.”
The company’s shares rose as much as 7.6% in morning trade to 252p per share, to hit their highest in nearly 11 years on the London Stock Exchange. The company said revenue at its casino division rose 21%, while the sports unit’s revenue grew 49%. The total group revenue rose 13% to $520.8 million. Updating investors, the operator disclosed that pre-tax profit rose to $59.2 million, from £32.5 million a year earlier.
Another Fantastic Year for 888
Itai Frieberger, Chief Executive of 888 commented on the results: “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 888 Casino, Sport and across regulated markets.“
The company also tend to expand to the UK, Spain and Italy, due to 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. Their strong results demonstrate the essential momentum in the business.
“The Board continues to see a number of significant growth opportunities for 888.”
“Current trading since the start of the year remains healthy with average daily revenue more than 11% above the previous year at constant currency. 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” – said in the statement.
More on the 888
888 is a fast-growing operator with the majority of its revenue now generated from regulated markets. The Group consists of a variety of successful operations under 10 licences, 4 established B2C product verticals and an outstanding B2B offer. Underpinning 888’s success the company has a leading-edge technology platform and an exceptionally skilled team.
888 Casino was launched back in the 1997. Using multiple software platforms, including its own privately developed software from 888 Holdings, the online casino features a vast selection of online gambling opportunities. In addition to numerous online slots, 888 Casino offer a large assortment of table games. For more information on the operator check out the 888 Casino review.