Disappointing Q4 results released by 888 Holdings
888 Holdings, home of popular online bingo site, 888 Ladies Bingo, has revealed inadequate Q4 results before the revenue growth in January this year. When asked about it, the company said that the main reasons for the low Q4 results were currency fluctuations and the worldwide recession alongside various other reasons. However, they also emphasised a positive start to the New Year.
The good news is that an excellent improvement has been seen in the present trading results for the month of January when compared to the results of December last year. There have been increases in customer recruitment by over 20%, deposits of 4% and NGR by 10 % against the figures of December 2008. Gigi Levy, CEO of 888 said that the company showed wonderful progress last year with the total operating income of 21% regardless of the Q4 results.
He also said that due to the unpleasant foreign exchange movements and long-lasting and extended economic downturn, the period after the summer holiday season made trading conditions challenging and this was because players played online bingo less. However, he is confident that 888 ladies bingo will meet or even exceed the full year clean market expectations of EBITDA.
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