888 Holdings the UK gaming giant has reported a 9 percent rise in the first quarter to $75 million in which bingo revenues lead the way. The company reported new highs in player numbers and revenues and it was the right time for a change of CEO. Bingo played a big part in the positive results.

“Trading at the start of the second quarter has continued to be strong and, as we enter the historically weaker summer period, we expect trading in 2011 to follow seasonal patterns,” the company said in the statement.

Key Statistics included:

* Group revenue US$75 million (Q1 2010: US$69 million), an increase of 9% year-on-year and a 6% increase compared to Q4 2010

* Revenue B2C US$64 million (Q1 2010: US$59 million), an increase of 9% year-on-year and a 7% increase compared to Q4 2010, boosted by growth in all product lines, especially Casino and Poker operations.

* Revenue B2B US$11 million (Q1 2010: US$10 million), an increase of 5% year-on-year and a 3% decline compared to Q4 2010

* Number of active customers B2C Casino and Poker at 302,000, a 39% increase compared to Q1 2010 driven by successful new customer recruitment and marketing initiatives

* As at 31 March 2011, 888 had 9.2 million Casino, Poker and Sport real money registered customer accounts, representing an increase of 21% since 31 March 2010

Results for the first quarter of 2011 showed:

* Strong current trading continues

* Revenue US$75 million (Q1 2010: US$69 million), an increase of 9 percent

* Revenue B2C at US$64 million (Q1 2010: US$59 million), an increase of 9 percent

* Revenue B2C Casino at US$33 million (Q1 2010: US$33 million), an increase of 2 percent

* Revenue B2C Poker at US$11 million (Q1 2010: US$12 million), a decrease of 2% and an increase of 7% compared to Q4 2010

* Revenue B2C Bingo at US$14 million (Q1 2010: US$11 million), an increase of 31 percent

* Revenue B2C Emerging Offering at US$5 million (Q1 2010: US$4 million), an increase of 53 percent

* Number of active customers B2C Casino at 129,000, an increase of 68% compared to Q1 2010

* Number of active customers B2C Poker at 221,000, an increase of 32% compared to Q1 2010

* Quarterly revenue B2C per active Casino and Poker customer was US$148, a 27% decrease compared to Q1 2010 and stable compared to Q4 2010

* Quarterly revenue B2C per active Casino customer was US$258, a 39% decrease compared to Q1 2010 and 3% increase compared to Q4 2010

* Quarterly revenue B2C per active Poker customer was US$51, a 26% decrease compared to Q1 2010 and 3% compared to Q4 2010

In B2B operations the company reported:

* Revenue B2B at US$11 million (Q1 2010: US$10 million), an increase of 5 percent.

* As at 31 March 2011 the Group had US$59 million of cash and cash equivalents.

Chief executive Gigi Levy, who announced on 10th April that he would be stepping down but remaining on the board added: "The excellent figures reported today and the ongoing strength in current trading indicate the company is growing and is on the right track towards further success.

"I feel now is the right time to stand down, leaving the company stable and growing. I want to thank the board and the shareholders for their support and I also want to send a special thank you to the employees and managers of the company, who worked with me around the clock, believing in the company, its capabilities and prospects. This is an amazing team of people, one of the best I ever worked with, and from whom I have learned a great deal."

Levy also confirmed that the acquisition negotiations with Ladbrokes plc which started in December are still continuing.

The Chairman, Richard Kilsby, added: "These record results are a fitting end to Gigi's tenure as CEO at 888 and provide an excellent base from which to grow the business in 2011. The Board would like to thank Gigi for his contribution during his time as CEO and look forward to his continuing involvement as a member of the Board."