888 profits drop in first half

Operating profit generated by 888 Holdings (888) more than halved during the six months to June, from $60m (£48.5m) to $24.7m. This was due in part to an increase in gaming duties, with payments up nearly a fifth to $44.9m, along with higher expenses around operating and marketing. Chief executive Itai Pazner also attributed the decline to unfavourable currency fluctuations, particularly between sterling and the US dollar. Earnings per share declined by 65 per cent year on year to 5.4ȼ, and management opted to cut the interim dividend from 4.2ȼ to 3ȼ.