888 beats its own guidance with solid Q1 revenues

19th Apr 2024 08:02

(Sharecast News) - Shares in gambling group 888 Holdings rose on Friday after the company delivered first-quarter revenues ahead of guidance and reiterated its confidence in hitting full-year targets.

The William Hill, 888 and Mr Green owner said revenues came in at £431m, down from £446m in the first quarter last year but up 2% on the fourth quarter and above the £420-430m guided to at its full-year results last month.

In the UK and Ireland, average monthly active users were up 9% over the three months, though revenues were down 1% as growth in gaming was offset by reduced sports revenues. In international operations, revenues were 6% on the fourth quarter.

"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," said chief executive Per Widerström.

"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."

888 said it continues to expect revenues to return to year-on-year growth from the second quarter onwards, with full-year 2024 revenues to rise by between 5% and 9%, in line with its mid-term targets announced last month.

The stock was up 2% at 81.2p by 0844 BST.