888 Holdings has announced that it has gained a gambling licence in Malta to hedge against Brexit, after signalling its intention to do so nearly a year ago.
The online gaming giant posted higher profits, but revenue fell after its UK business was hit by tighter regulation and higher taxes.
The Gibraltar-based company, which owns several popular gambling brands and websites and is listed on the London Stock Exchange, has also established a server in Ireland in order to continue to cater for European customers.
Chief executive Itai Pazner said that, despite headwinds in some areas of the business, the company’s performance in 2018 was “resilient”.
“The group achieved continued growth across several regulated markets, primarily in continental Europe, underpinned by good momentum in casino and sport.
“The positive momentum at the end of 2018 has continued into the first quarter of 2019 with average daily revenue in 2019 to date up 10 per cent compared to the fourth quarter of 2018, reflecting improvements across major KPIs (key performance indicators).
“In the UK, we are encouraged by the improving trends we began to witness in the latter stages of 2018 and the board is pleased to report that these have continued during the first quarter of the current financial year.”
He said trading during the new financial year to date is 5 per cent higher at a constant currency basis than last year.