William Hill owner 888 ‘slightly ahead’ in race to return to growth
William Hill owner 888 has said it was “slightly ahead” of its guidance in the first quarter of the year with an uptick in overall group revenue as the gambling giant looks to bring back growth.
The group said overall group revenue for the three months ended 31 March was at £431m, up from the guidance of £420-£430m outlined last month.
Group revenue was up two per cent from the previous quarter, with 888 expecting to return to year-on-year growth from quarter two onwards.
Online user engagement in the UK and Ireland experienced a jump of nine percent, despite UK&I online revenue ticking down one per cent.
The update to markets today comes during what has been seen as a turbulent year for the group’s share price, recently placing its new chief executive Per Widerström behind the wheel to improve operations.
Widerström said: “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.
In March, the new chief executive laid out a “multi-year value creation plan” — from cost-saving measures to international focus — alongside its full year results, which Widerström believes to be seeing “progress”.
“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,” he said.
The company also proposed changing its name in March to evoke plc, looking to summon up memories of growth, which expecting approval at its annual general meeting in May.