888 Show Complete Recovery with 2007 FY Profits

Tuesday April 08, 2008

The UK's second-largest online gaming company, 888 Holdings Plc, delivered its 2007 budgetary scorecard today, which shows the group has halfway fully recovered next voluntarily withdrawing from the US marketplace influence 2006.

888 Holdings Plc, operators of flagship brands 888 Casino On Net and Pacific Poker, withdrew from the US bazaar adjoining the UIGEA was signed into law late-2006.

The choice proved to betoken an appreciated one, because overall profit fell 54% influence 2007 to $34.2 million. More importantly however, pretax profits from surviving operations were added than doubled because the company moved its cynosure into Europe and Asia.

Discounting US figures, 888's Net Gaming Revenue also by 36% agency 2007 to $213.4 million, which included a 33% rise ascendancy online casino Net Gaming Revenue to $118 million and an 18% access agency online poker Net Gaming Revenue to $81 million.

2007 was a assiduous year for 888 Holdings Plc, because authentic sought to consolidate its position in that one of Europe's leading online gaming companies, adumbrate a numeral of acquisitions being beefy being the announcement of a few explanation tactical partnerships adumbrate the likes of Rileys Snooker Halls influence the UK and Tower Torneos ascendancy South America.

"2007 was a year of transformation for 888, ascendancy which we had to restructure our calling," oral chief executive Gigi Levy.

"We hold at once successfully complete the restructuring and repositioning of the craft and have delivered record results for the year, both in terms of revenue and profit," he added.

888 is not completely out of the woods yet, as talks are still ongoing with the US Department of Justice over 888's activity in the US prior to the signing of the UIGEA.

"It is too early to assess any particular outcome of these discussions," the group said today.