888 Holdings reported for the fifth consecutive year that it will be paying a dividend to shareholders after the London-listed group saw its profits rise a massive 82%. As a result of the announcement made by the group last week, stock prices climbed 7% to an 11 year high. A strong performance in sports betting and online casino divisions resulted in the excellent numbers for 888 Holdings.
Speaking about the dividend payout, the chief executive officer of 888, Itai Frieberger said: “There’s no point sitting on the cash. If we do, we don’t get any value on that. We’re relatively small and we have enough to do what we want to do.”
Frieberger described 2016 as “another fantastic year for 888,” saying that the group continued to deliver strong organic revenue and profit growth. He said that this was underpinned by outstanding progress in casino, sport and across regulated gaming markets. The company benefited from a successful European Football Championships in the summer of 2016.
Looking ahead, 888 Holdings will continue to expand further in the United Kingdom, Spain and Italy.
The company has not nixed potential mergers of acquisitions, despite a failed joint bid with Rank Group for rival William Hill.
“We will continue to evaluate and explore appropriate opportunities,” said Frieberger.
Pre-tax profits for the 12 months to December 31st were $52.9 million, with revenues rising 13% to $520.8 million.
