888 Holdings PLC (LON:888) shares rose on Wednesday as the firm said it remains confident that its full-year adjusted underlying earnings (EBITDA) will be in-line with its expectations.
In a pre-close season trading update, the FTSE 250-listed online gaming company said the second half of the financial year has seen it deliver further progress against the group's strategic objectives.
READ: 888 buys out US joint venture partner as it looks to exploit “significant” potential across the pond
Itai Frieberger, 888’s chief executive officer commented: “The Group has continued to focus on driving growth in regulated markets, enhancing compliance, and delivering exciting product innovation.”
The CEO said: "888 has maintained its strong momentum in Casino and Sport, particularly in continental European markets. In the UK, we are pleased to update that the initial positive trends in revenue reported at the time of the Group's half-year results have continued.
He added: "888 remains very excited by the significant long-term growth opportunities in the US market and, throughout the year, we have made significant operational progress in the region.
“The recently announced acquisition of the remaining stake in AAPN places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders.”
On 11 December, 888 announced the acquisition of the remaining 53% interest in the All American Poker Network (AAPN), a joint venture established in 2013, for US$28mln.
The group’s board believes this acquisition to be an important strategic milestone for 888 that will facilitate the Group's future growth strategy in the US.
In early morning trading, 888 shares were 6.1% higher at 180.30p.