888 Holdings says its pre-tax profit slid to £19 million in 2020.

888 Holdings plc (LON: 888) said on Thursday that its pre-tax profit in 2020 posted a significant decline on the back of higher marketing and operating costs. The company, however, expressed confidence that it had started 2021 on a positive note with a record number of customers.

888 Holdings shares that you can learn to buy online here were reported about 2% up in premarket trading and jumped another 5% on market open. The stock is now trading at £3.56 per share. In comparison, it had started the year 2021 at a per-share price of £2.95.

888 Holdings reports £608 million of revenue

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888 Holdings reported £19.11 million of pre-tax profit in 2020. In the previous year, its pre-tax profit stood at a much higher £32.42 million. The online betting and gaming company valued its revenue in the recently concluded year at £608.10 million versus the year-ago figure of a lower £401 million.

The Gibraltar-headquartered company said that its earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at £111.36 million last year. In comparison, its EBITDA was capped at a lower £65.91 million in 2019.

888 Holdings announced 8.59 pence per share of a final dividend on Thursday, which pushed its total pay-out up, to 12.88 pence per share. The FTSE 250 listed company had paid 4.29 pence per share in 2019.

In separate news from the United Kingdom, National Grid said it will buy Western Power Distribution (WPD) for £7.8 billion.

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CEO Itai Pazner’s comments on Thursday

Chief Executive Itai Pazner commented on the earnings report on Thursday and said:

“We are pleased with our continued progress in the U.S., and with three new states to launch in 2021, we are poised to see the scale benefits of our investments here.”

Pazner also said that the board was confident in 888 Holdings’ ability to sustain strategic progress this year and beyond. The online betting company’s financial update comes on the same day when National Express also reported to have swung to £444 million of pre-tax loss in 2020 due to the ongoing health emergency.

888 Holdings performed largely upbeat in the stock market last year with an annual gain of close to 70%. At the time of writing, the owner of many popular gambling brands and websites is valued at £1.31 billion and has a price to earnings ratio of 27.18.

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