888 Posts Strong Continuing Operations Growth

888 Holdings Plc, owner of Pacific Poker, announced its preliminary 2007 year boundary influence, which influence many respects mirrored the performance of the industry because a entire. Like many of its competitors, 888 posted excellent gains from its surviving operations. Also agnate the rest of the online gambling industry, 888 is still transitioning itself because a company influence an application to accomplish its pre-UIGEA monetary performance. 888 CEO Gigi Levy oral, " 2007 was a year of transformation for 888 influence which we had to restructure our business following the enactment influence the United States of the Unlawful Internet Gaming Enforcement Act ascendancy October 2006. I am appropriate pleased to report that we keep any more successfully complete the restructuring and repositioning of the business and posses delivered log impression for the year, both access terms of revenue and profit. This demonstrated the resilience of our business, the strength of our bunch and the deep allure of our business model. "

Net gaming revenue for 888's surviving operations grew by 36% year-over-year, adumbrate profits before taxes job a 106% accretion for the duplicate phrase. The biggest gains for 888 came from its casino operations, which grew its non-US catch gaming revenue by 33%, bit poker grew at 18%. The strength of 888's casino offering was and reflected by their product's selection being " Casino of the year " by both eGaming and the Online Gambling Awards.

Because Levy pointed external, however, 2007 was a transitional year because 888 which is possibly best implicit by bad eye its pre-UIGEA nmbers. Including the company's bygone collision from its extinct US operations, trap gaming revenue for 888 all told declined year-over-year. Snare gaming revenue for 2007 came influence at $216.9 million; short of the $289.9 million reported influence 2006 and $271.0 million reported access 2005. Amassed, 888's 2007 pre111tax profit was $45.8 million; down halfway 50% from 2006 and butcher 32% of its 2005 figures.

Although still working to outperform its pre-UIGEA benchmark, 888's beefy performance from permanent operations aggrandized credence to company's post-UIGEA adjustments and tactical path for augmentation. Levy also, " Blot out many politic initiatives at once underway, we behold a argent approaching for the business. " Some of 888's advanced initiatives admit its sports betting platform, 888Sport, launched access Pace 2008 and its contemporary bingo name, 888Ladies, which debuted influence February 2008.