It looks like your browser is not up to date.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Skip to main content
  • Register
  • Help
  • Contact us

888 Holdings lifts dividend despite profit fall

Thu 18 March 2021 07:57 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - UK online gambling company 888 Holdings lifted its dividend despite a sharp fall in annual pre-tax profits on the back of higher costs.

Pre-tax profit for the year to December 31 fell 41.1% to $26.7m while revenue increased 52% to $849.7m. Adjusted core earnings rose to $155.6m compared with $92.1m a year earlier as online gambling surged during the Covid-19 pandemic lockdowns.

The company said it acquired about 1.5m new members in 2020 across its business-to-customer brands, which includes casino, poker, sport and bingo, a 42% year-on-year rise.

It also flagged an annualised hit of $70m - $100m from regulatory and compliance changes to its revenue, but said it was confident of posting revenue growth in 2021 and would pay a total dividend 18cents a share, up from 6cents last time.

"We are pleased with our continued progress in the US, and with three new states set to launch in 2021, we are poised to see the scale benefits of our investments here. We enter 2021 with strong momentum, with a record level of customers, and with a positive reaction to our suite of new products and innovations," said chief executive Itai Pazner.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.

    More company news from ShareCast