888 reaffirms full-year expectation as Q1 results arrive

William Hill and Mr Green owner, 888 Holdings, has released its first quarter results for 2024, covering the three-month period ended on March 31. The results highlighted several important developments for the company, with the gambling firm pulling slightly ahead of analysts’ expectations and reaffirming its full-year guidance.

Commenting on the results, 888 Holdings CEO Per Widerström has said that his company was operating ahead of its guidance, and touted the firm’s strong player volumes, leading to good revenue, despite some small blips in certain markets.

"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. 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," Widerström outlined.

The financial highlights in the first quarter included revenue of £431m, ahead of the projected £420-430m, which was floated earlier this year. The company also managed to drive a small gain from Q4 2023, seeing its revenue increase by a margin of roughly 2%. However, 888 Holdings feels confident that it should see more notable gains over this quarter, and also projects anything between 5-9% in terms of revenue growth for 2024.

In the meantime, the company saw a strong performance in the United Kingdom and Ireland, with the number of monthly active customers going up by 9% but revenue dropping slightly by 1% over the period, not least because of the Cheltenham Festival which saw more people show up and gamble online.

In the meantime, the company also touted strong results in its international markets. The Q1 2024 results for this segment were already 6% higher in terms of revenue in Q4 2023. Markets such as Italy, Spain, and Denmark drove growth for the company.

Meanwhile, the company continues to execute several important strategic undertakings. One is the Value Creation Plan (VCP) launched under the aegis of Widerström, which is designed to help prop up the mid-term financial targets for the company and bring financial synergies that allow 888 Holdings to focus on its core and most lucrative markets.

888 Holdings also underwent a rebranding as evoke plc which is still being finalized and is subject to a vote at the Annual General Meeting due on May 13, 2024. The report also noted that the company has already been able to save £30m and has reinvested the funds into various profitable undertakings.

888 has also been able to conclude its strategic review of US B2C assets and vote on their sale, which is now subject to customary regulatory approvals. Widerström has said that the company’s value-creation plan was progressing as expected and that 888 Holdings was moving forward with long-term success.

"I look forward to providing further updates about our progress in the coming months," he concluded.

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