888 Holdings has seen its revenue for the first quarter of its financial year reach £431m.

In its guidance range set in its 2023 financial year results at the end of March 2024, the betting and gambling group estimated that its revenue would reach between £420m-430m.

With revenue increasing by 2% relative to Q4 2023, 888 said that this reflects a "continuation of positive sequential quarter-on-quarter trends".

The group, which owns betting companies including William Hill, 888 and Mr Green, said that it expects revenues to return year-on-year growth from Q2 2024 onwards, with full year revenue growth expected to be consistent with the mid-term target of 5-9%.

888 Holdings added that in the UK and Ireland customer engagement increased, with average monthly activities jumping by 9%.

Although revenue in the region has dropped by 1%, gaming revenue grew by 4%, offsetting reduced sports revenue, which was driven by increased customer investment across the Cheltenham Festival relative to the prior year.

International revenue increased by 6% quarter-on-quarter, and following the annualised of significant compliance changes from February 2024, the segment returned to year-on-year growth with 4% growth in February and March, driven by the core markets of Italy, Spain and Denmark.

Chief executive officer at 888, Per 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."

Investment director at AJ Bell, Russ Mould, added: "When expectations are set low enough, sometimes it doesn’t take a lot to beat them and that’s proved to be the case at William Hill’s owner, 888. Investors will be relieved to see revenue come in ahead of forecasts in the first quarter and should lap up the promise of a return to growth in the current quarter.

"888 still faces significant challenges around regulation, onerous debts and delivery of a plan to achieve cost savings and a sale of its US business. However, it is taking baby steps in the right direction."

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