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888 cash profits jump during lockdown

2020 cash profits set to be significantly ahead of expectations
June 26, 2020

In a pre-close trading update, 888 (888) said that daily average revenue has climbed by more than a third in the year to date. Management credited the performance to stronger customer acquisition during the second half of 2019, as well as a shift towards online services that has accelerated during the lockdown period.

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The group now believes that adjusted cash profits for 2020 will be significantly ahead of its initial expectations.  

Chief executive Itai Pazner said that while Sport had been impacted by the cancellation of events, 888 has seen a better than expected customer reaction to the gradual return of live sports. Sport revenue run-rate through June has been ahead of the same period last year. The segment accounted for 16 per cent of group turnover in 2019.