23 April 2013
888 Holdings Public Limited Company
("888" or "the Group")
Interim Management Statement
Q1 2013 Key Performance Indicators and Trading Update*
888, one of the world's most popular online gaming entertainment and solutions providers, today issues the following Interim Management Statement for the period from 1 January 2013 to 23 April 2013. Unless otherwise stated, trends and figures highlighted below refer to the three months ended 31 March 2013 and the corresponding period last year.
Highlights
· Group revenue a record US$103 million (Q1 2012: US$94 million), an increase of 9% year on year
· Revenue B2C US$92 million (Q1 2012: US$83 million), an increase of 10% year on year
· Revenue B2C Casino US$48 million (Q1 2013: US$42 million), an increase of 13% year on year boosted by the launch of slots in Italy
· Revenue B2C Poker US$24 million (Q1 2012: US$21 million), an increase of 15% year on year driven by successful winter marketing campaigns
· Revenue B2C Emerging Offering US$8 million (Q1 2012: US$6 million), an increase of 27% year on year driven by stronger Sport margins
· Number of active customers B2C Casino and Poker at 634,000 (Q1 2012: 566,000), a 12% increase year on year
· As at 31 March 2013, 888 had 13.8 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 23% since 31 March 2012
Commenting on today's announcement Brian Mattingley, Chief Executive Officer, said:
"These are a fantastic set of results across all key metrics. Our excellent product offering, supported by our constantly innovative marketing and CRM capabilities, has helped us to deliver consistent growth and has positioned us well to take advantage of positive regulatory developments."
* All percentages in this release are calculated without rounding
Key Performance Indicators
First Quarter 2013
Group
· Revenue at US$103 million (Q1 2012: US$94 million), an increase of 9%
· As at 31 march 2013, 888 had 13.8 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 23% since 31 March 2012
B2C
· Revenue B2C at US$92 million (Q1 2012: US$83 million), an increase of 10%
· Revenue B2C Casino at US$48 million (Q1 2012: US$42 million), an increase of 13%
· Revenue B2C Poker at US$24 million (Q1 2012: US$21 million), an increase of 15%
· Revenue B2C Bingo at US$12 million (Q1 2012: US$14 million), a decrease of 12%
· Revenue B2C Emerging Offering at US$8 million (Q1 2012: US$6 million), an increase of 27%
· Number of active customers B2C Casino and Poker at 634,000, an increase of 12% compared to Q1 2012
· Number of active customers B2C Casino at 236,000, an increase of 3% compared to Q1 2012
· Number of active customers B2C Poker at 474,000, an increase of 17% compared to Q1 2012
· Quarterly revenue B2C per active Casino and Poker customer was US$113, a 1% increase compared to Q1 2012
· Quarterly revenue B2C per active Casino customer was US$202, a 9% increase compared to Q1 2012
· Quarterly revenue B2C per active Poker customer was US$52 a 1% decrease compared to Q1 2012
Dragonfish
· Revenue B2B at US$11 million (Q1 2012: US$11 million), flat year-on-year
Current Trading
The second quarter has started in line with expectations where trading reflects the historical seasonal pattern. Daily average revenue during the first 20 days of April is more than 3% above April 2012. Our performance continues to be led by our core casino and poker products and we are continuing to experience increases in customer deposits, bets and first time depositors.
As at 19th April 2013 the Group had US$89* million of cash and cash equivalents and US$50 million liabilities to customers.
* This amount excludes short term investment deposits (amounting to US$3.5 million) which prior to the release of the 2012 financial statements were reported within cash and cash equivalents.
Analyst and Investor Conference Call
There will be an analyst and investor conference call at 10.30am (BST) today.
Dial-in number: |
+44 (0)20 7784 1036 |
Passcode: |
8939488 |
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Replay number: |
+44 (0)20 3427 0598 |
Replay passcode: |
8939488 |
Contacts and enquiries
888 |
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Brian Mattingley, Chief Executive Officer |
+350 200 49800 |
Aviad Kobrine, Chief Financial Officer |
+350 200 49800 |
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M:Communications |
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Ann-marie Wilkinson/Andrew Benbow |
+44 (0)20 7920 2344 |
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". By their nature, forward-looking statements involve risk and uncertainty since they relate to future events and circumstances. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement reflect 888's view with respect to future events as at the date of this announcement. Save as required by law or by the Listing Rules of the UK Listing Authority, 888 undertakes no obligation publicly to release the results of any revisions to any forward-looking statements in this announcement that may occur due to any change in its expectations or to reflect events or circumstances after the date of this announcement.
Appendix
US$m* |
2012 |
2013 |
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
B2C Revenue |
|
|
|
|
|
Casino |
42.2 |
40.9 |
38.2 |
44.2 |
47.6 |
Poker |
21.2 |
20.1 |
21.9 |
24.3 |
24.4 |
Bingo |
13.6 |
13.4 |
13.3 |
11.6 |
11.9 |
Emerging Offering |
6.2 |
6.1 |
6.9 |
5.8 |
7.9 |
Total Revenue B2C |
83.2 |
80.5 |
80.3 |
85.9 |
91.8 |
|
|
|
|
|
|
B2C KPI |
|
|
|
|
|
Revenue Casino US$m |
42.2 |
40.9 |
38.2 |
44.2 |
47.6 |
Active Players Casino (000) |
227.8 |
185.0 |
158.5 |
195.9 |
235.5 |
Revenue Casino per active player US$ |
$ 185 |
$ 221 |
$ 241 |
$ 226 |
$ 202 |
|
|
|
|
|
|
Revenue Poker US$m |
21.2 |
20.1 |
21.9 |
24.3 |
24.4 |
Active Players Poker (000) |
405.3 |
377.6 |
349.5 |
389.7 |
473.6 |
Revenue Poker per active player US$ |
$ 52 |
$ 53 |
$ 63 |
$ 62 |
$ 52 |
|
|
|
|
|
|
Revenue Casino & Poker US$m |
63.4 |
61.0 |
60.1 |
68.5 |
72.0 |
Active Players Casino & Poker (000) |
566.4 |
504.9 |
453.7 |
520.5 |
634.4 |
Revenue Casino & Poker per active player US$ |
$ 112 |
$ 121 |
$ 133 |
$ 132 |
$ 113 |
|
|
|
|
|
|
B2B Revenue |
|
|
|
|
|
Revenue B2B |
11.2 |
11.6 |
11.6 |
11.6 |
11.2 |
|
|
|
|
|
|
Revenue |
94.4 |
92.1 |
91.9 |
97.5 |
102.9 |
*Rounded.
