888 Holdings Release Q3 KPI & Trading Update

2007 November 02, Jonny Vincent

Online gambling group 888 Holdings released their third-quarter Key Performance Indicators and Trading Update for investors this week, showing impressive growth as the company continues to rebuild following the aftermath of the UIGEA.

On the back of better-than-expected results from rival PartyGaming, 888 Ltd showed the online gaming industry was not on the decline, releasing impressive Q3 results.

CEO Gigi Levy was all smiles as he commented on the impressive results his company was able to achieve:

"We are very pleased with our results released today, which were achieved in what is typically the slowest quarter of the year. NGR in Q3 climbed 5 percent higher than Q2 with September being our best month since we withdrew from the US. This record month has been exceeded in October with growing momentum following the launch of our new 'Playful Minds' TV advertising campaign in the UK and other targeted markets. Following the pioneering launch of our white label offering in Latin America with Tower Torneos, our new licensed sports offering in Italy (888.it) went live in October. Given the continued roll-out of innovative product offering and our expansion in new geographic markets using innovative marketing we are confident about our performance in 2007 and beyond."

Highlights of the trading update included:

• Group Net Gaming Revenue increased 37% to $52.5 million when compared with Q3 2006.
• Net Gaming Revenue from Casino and Poker up 24% to $47.6 million.
• Number of Active Customers in Casino and Poker reached 209,811 – an increase of 17% on Q3 2006.
• Net Gaming Revenue from Emerging Offering (Bingo and Blackgammon) reached $4.9 million.
• The company launched its first sportsbetting product in Italy.

888 Holdings (LSE: 888.L) shares were trading higher following the good news. The SP was 123.25p at time of writing this article (Friday).