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888 Holdings plc., one of the industry's largest online gambling groups, has released astounding operating results for the half year to June, 2006 showing a stunning 88 percent rise in profits for the same period last year.
Pretax profit excluding share benefit charges was $48 million compared to $25.6 million a year earlier, while per share earnings rose 89 percent to 18.8 cents from 7.3 cents. Net gaming revenues were up 32 percent to $163.5 million from $123.7 million and the pretax profit margin was up to 29 percent from 21 percent.
All the same, John Anderson, the Chief Executive Officer has announced that he plans to stand down at the end of this year, and hand over to Gigi Levy, the current chief operating officer.
Anderson said that the first 10 weeks trading in the third quarter is in line with estimates and the group is on track to deliver a satisfactory full year outcome.
On a contrary note, the company warned that if the Internet Gambling Prohibition and Enforcement Bill, currently being considered, is passed by the US senate, it could have a "material adverse impact on 888's business".
In the six months to June 52 percent of the group's net gaming revenue was derived from customers based in the US.
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