888 Holdings, Plc. reports impressive earnings, departure of CEO

888 Holdings, Plc. released a report Thursday that showed an 88% jump in first half profits before tax compared to the first half of 2005.

With the profit increase also comes the news that the company's CEO John Anderson will resign from his position at the end of the year.


Anderson will stay on with 888 as a non-executive director, and will be replaced by the company's recently appointed chief operating officer, Gigi Levy. Anderson was stepping down in order to spend more time working in the property market.

"I am proud to have led 888 since 2000 through its formative years into the success it is today," Anderson said.

The company, which owns Pacific Poker, certainly showed the world what a success it has become with its recent report. Analysts had been forecasting a before-tax profit of $45.4 million for the first half of the year for the company. Instead they came in with $48 million, up from $25.6 million for the same period last year.

The numbers look strong, and so do the stocks for the company, but shareholders do show some concern over the fact that half of the company's revenue still comes from the United States. 888 Holdings, Plc. has been working on that issue with strategies such as sports sponsorship to get their brand out in other markets.

News Added: 17 September, 2006

Number of views : 862