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888 Holdings (LON:888) report: Q3 Trading update
By Daniel Stewart & Co
- Q3/10 operating income at similar level to Q2/10 and Q3/09 at $61m. B2C operating income was up 6% YoY and B2B (Dragonfish) operating income was up 6% on a pro-forma basis. Poker and casino performed poorly with operating income down 34% and 9% on a pro-forma basis.
- Bingo performed strongly as a result of the acquisition of Wink Bingo but on a l-f-l basis was up c7% vs Q3/09.
- 888 had 8.2m Casino, Poker and Sport real money customers as at 30 Sep 2010. Further the company was awarded a license by ARJEL to operate poker betting websites. A new Bingo B2C network was launched in Sweden.
- Whilst Q4 activity has seemingly picked up, avg. daily revenue up c6%, with poker showing a strong turnaround we think it is early to get too excited about the current trends. 888 operates predominantly in two verticals (Poker & Casino) both which need liquidity in order to compete effectively. Having said that its B2B offering and Bingo vertical is showing signs of strong growth.
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