888’s trading update for the full year ending December 31, 2012 contained good news with strong trading in the second half of 2011 continuing on into 2012, most of which can be boiled down to casino and poker.
After making a one-off payment of €8.7 million to Spanish authorities to settle its back taxes, the company was awarded a license to offer online poker in Spain. Since then its poker offering has made its way up to number two in the Spanish market and continues to perform well.
888 predicts that the second half of the year may not look as strong as the first half due to “investment in marketing in order to secure a leading position in Spain, investment in infrastructure ahead of delivering announced dealsin [sic] the United States and the unknown impact of the Olympic Games in London.”
However, EBITDA (earnings before interest, taxes, depreciation, and amortization) for the full year is predicted to exceed expectations.
