Investment research company Edison Group has offered positive analysis of 888 Holdings’ trading update, despite the company posting a 16% year-on-year decline in Q4 2021.
The company posted full-year revenues of $972m in 2021, a 14% increase on the previous year, however attributed the Q4 decline to a strong comparative period in 2020, as well as the impact of regulatory changes. B2C revenue declined 17% to $205m during Q4, although B2B revenue increased by 10% to $9m.
The growth of full-year revenues was largely attributed to continued expansion in regulated markets, with the company seeing growth in the UK, Italy, Romania and Portugal.
Providing his analysis of the trading update, Russell Pointon, Consumer Director, Edison Group, said: “In a positive trading update, full-year revenues grew year-on-year to a fresh record despite experiencing a drop in Q4 2021.
“…Total Q4 revenues dropped 16% to $214.0m, reflecting both a strong comparative period in 2020 as lockdowns forced people inside, as well as the impact of regulatory and compliance changes, including the group’s exit from the Netherlands.”
Offering predictions for the year ahead, Pointon commented: “Along with a strategic partnership with Sports Illustrated, there is also an increasing focus on its core B2C platform and US growth strategies, with the strategic sale of its B2C and B2B bingo business for up to $50 million projected to complete during the first half of 2022.
“Looking ahead, 888 Holdings is one of the first overseas brands making strong moves in the fledgling gambling market in the United States; and the upcoming acquisition of William Hill International’s non-US assets is set to create an online betting and gaming group with considerable scale, a strong brand portfolio, diversified business and a platform for strong growth in the medium term.”
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