888 sees earnings double in 2011

[The Buzz]

Online gambling giant 888's full-year earnings nearly doubled in 2011, helped by growth in its casino and poker business. 888 has said that it plans to invest in several new markets across Europe and the U.S.

From Reuters:

For 2011, the company's earnings before interest, taxes, depreciation, and amortisation rose 94 percent to $55.6 million. Revenue increased 26 percent to $331.1 million.

Last month, Britain's second-biggest bookmaker Ladbrokes , which pulled out of talks to buy 888 and Sportingbet last year, posted a strong full-year profit helped by sales growth in gambling machines.

Former CEO Gigi Levy stepped down in April last year. Media reports had said that Levy was frustrated with the slow progress of the potential takeover by Ladbrokes, but 888 had said that was not the case.

The company's shares, which have risen 4 percent since last month when the company forecast its 2011 revenue, were trading up 5 percent at 62.5 pence at 0802 GMT on Tuesday on the London Stock Exchange.

[joeggg]

Well done 888. I am not surprised that they are on their way up. I saw them making some nice moves in recent months and now they are picking the fruits of their good strategic thinking.