888 CEO Per Widerström said the group remains confident of a “return to growth” in Q2, after Q1 revenue came in “slightly ahead” of published guidance.
Q1 revenue hit £431m, up from guidance of between £420m and £430m, but still translated to a drop of three per cent from Q1 2023’s £445.5m.
Revenue was up two per cent compared with Q4 2023 and 888 said it expects full-year 2024 revenue growth to be “consistent with the mid-term target of 5-9 per cent annual growth.”
UK and Ireland online revenue dropped one per cent to £164.4m, owing to reduced sports revenues from “increased customer investment across the Cheltenham Festival relative to the prior year.”
However, there was a return to growth in gaming of four per cent in the segment.
Internationally, 888’s Q1 revenue of £130.3m tracked six per cent higher than Q4 2023 but was seven per cent down on Q1 2023’s £139.7m.
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.
“I was delighted to outline our multi-year value creation plan alongside our full year results in March, and am pleased to report a strong quarter of progress against these plans.
“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."
888 recently revealed plans to change its corporate name to evoke. The plans are subject to approval at the company’s AGM on May 13.
