888 leader undaunted by stocks slipping

<p>The share price of 888 has been falling.</p>

The chief executive of gambling company 888 Holdings has stated he is not concerned with the firm's share price sliding in recent days.

Brian Mattingley explained he does not mind the fact stocks were down by more than seven per cent in yesterday's trading (March 13th).

"We were valued at 11 times ebitda – that's far too much. I believe it's good we are settling back to a share price valuing us sensibly," he told the Financial Times.

Mr Mattingley pointed out that initial investor excitement at the potential liberalisation of the US market has now been overdone and led to his company being overvalued.

The 888 chief executive added the firm has plans to break into the US market, but these may not come to fruition until 2015.

In the early moments of today's trading, there was a rebound for the share price of 888, which was up by two points to 151.00, an increase of 1.34 per cent.

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