888 Holdings
The 888 Group is headquartered in Gibraltar and owns Cassava Enterprises (Gibraltar) Limited, the company that operates 888.com. Cassava Enterprises operates under a license granted by the Government of Gibraltar.
888 is a market leader in the global online gaming industry.
Online game company 888 confident of further growth this year and beyond despite slow start to Q4
Online gaming group 888 remains confident of further growth in the current year and beyond, but said the fourth quarter started slowly, especially given exchange rates, with daily averages below levels in the third quarter.
The comments came as the group reported a 23 percent rise in net gaming revenue in the third quarter to US$66 million from US$53 million a year earlier and by 31 percent during the first nine months of the year to US$197million from US$151 million.
Total operating income in the third quarter rose 24 percent to US$68 million and was up 33 percent in the first nine months at US$203 million.
Trading during the traditionally weaker summer months of July and August was solid with total operating income in August growing above July's level, the company said. In September, however, global economic conditions and sharp exchange rate movements resulted in lower turnover than August.
Since July total deposit levels in local currency, (ie Sterling, Euro etc) remained fairly stable. However given the appreciation of the US$ against Sterling and Euro such deposits translated into lower US$ amounts. This has adversely impacted turnover since late August. Conversely, given that most group expenses are linked to non-US$ currencies, which depreciated during the period, the effect on profit was partly mitigated.
Chief executive Gigi Levy said: “We have delivered another quarter of solid performance, which was impacted by the global economic crisis and the extreme volatility in exchange rates. Our underlying business remains as solid as ever, as demonstrated by the constant deposit size by local currency. Despite external adverse economic conditions we are confident in our business model and strategy.”
Register here to be notified of future 888 Holdings articles.
Other 888 Holdings news
-
17/11/08 Online game company 888 confident of further growth this year and beyond despite slow start to Q4