888 Holdings raises full-year expectations after strong trading

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888 Holdings PLC (LON:888) said full-year adjusted underlying earnings (EBITDA) are expected to come in significantly ahead of prior estimates.

Trading has been topping expectations, with average daily revenue 56% higher than 2019 in the period from July 1 to September 28.

READ: 888 Holdings full-year profits to top expectations after sales jump during pandemic

The online betting firm said it is due to high levels of customer acquisition during the year to date as well as the benefit from the structural shift towards online services seen during the pandemic.

The FTSE 250 group proposed an interim dividend of US$3.2 cents per share plus an additional one-off US$2.8 cents per share, bringing the total return to US$6 cent per share.

In the six months to June 30, revenue increased 37% to US$379mln while profit before tax rocketed 130% to US$50mln.

Analysts at Peel Hunt raised the target price to 300p from 250p following “very strong, soundly-based, organic revenue growth.”

“Since this week, it has a chance to reprise its 2016 attempt to takeover William Hill’s European online business,” they commented.

Shares climbed 22% to 255p on Wednesday morning.

–Adds analyst comment, shares–

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