888 expects to report 2020 revenue and adjusted EBITDA ahead of prior expectations, after the group reported and maintained a strong performance through to the end of the year.
Delivering a post-close trading update for the year ending 31 December, 2020, the online gaming entertainment and solutions provider also saw revenue and active customer numbers in December represent all-time monthly records.
Following on from the company detailing a raising of expectations in early December 2020, 888 says that its strong trading continues to reflect increased new customer acquisition that started at the end of 2019 and continued throughout the year.
The group adds that “the positive impact of new products launched during the period as well as an acceleration in the shift from retail to online services witnessed across multiple consumer-facing industries,” are major contributing factors.
When providing its previous trading update, Itai Pazner, CEO of 888, said of the group’s performance: “We are pleased with 888’s trading during the second half of 2020. This performance continues to reflect strong FTD trends in line with the group’s recreational customer focus as well as the structural shift towards online services being seen across several consumer-facing industries. We have continued to prioritise safe gambling and recognise the impact of COVID-19 on the lives of 888’s customers across global markets.
“888 continues to invest in protecting customers and has again increased the volume of interactions with customers initiated by 888’s safer gambling team in order to help prevent gambling related harm. Underpinned by 888’s core strengths as a responsible operator with outstanding technology, the group remains well positioned to deliver further strategic progress.”
Taking a look to the 12 month period that lies ahead, 888 acknowledged that, although it has entered 2021 with good momentum, the board remains mindful of possible headwinds over the coming months, including macro-economic and regulatory uncertainties in certain jurisdictions.
However, it “remains confident that, with 888’s outstanding product proposition, advanced technology and diversification across global regulated markets, the group remains well positioned to deliver further progress”.
