Gambling giant 888 has announced that its revenues have edged past projections in the first quarter of 2024, signalling a potential turnaround for the company.
The operator, which also manages the well-known William Hill brand, posted revenues of £431million for the three months leading up to March 31, surpassing its anticipated range of £420million to £430million. Chief Executive Officer Per Widerstrom, who took the helm during a challenging phase for the firm, hailed the period as a "strong quarter of progress".
Amid a rebranding to Evoke plc and cost-cutting measures aimed at boosting profitability, 888 is also reassessing its US consumer betting division. The latest financial update revealed a modest increase in quarterly revenues compared to the preceding period.
888 remains optimistic about resuming year-on-year growth from the second quarter of 2024, buoyed by sustained positive trends. In the UK market, despite an uptick in active users, revenue saw a marginal 1% drop, attributed to a decline in sports revenues which overshadowed gains in gaming, with events like the Cheltenham Festival having an impact.
The retail arm, encompassing William Hill's physical outlets, experienced a 7% revenue dip over the quarter. Mr Widerstrom expressed satisfaction with the performance, saying: "I am pleased to report that Q1 2024 revenue was slightly ahead of our guidance, with strong player volumes converting into improved revenue run rates."
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"Having lapped various regulatory and compliance changes during the quarter, and with increased marketing investment supported by an exciting product pipeline, we remain confident in a return to growth from Q2 2024. We are moving decisively and at pace to position our company for long-term success and I look forward to providing further updates about our progress in the coming months."
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