Gambling giant 888 has announced that its revenues have edged past projections in the first quarter of 2024, signalling a potential turnaround for the company.

The operator, which also manages the well-known William Hill brand, posted revenues of £431million for the three months leading up to March 31, surpassing its anticipated range of £420million to £430million. Chief Executive Officer Per Widerstrom, who took the helm during a challenging phase for the firm, hailed the period as a “strong quarter of progress”.

Amid a rebranding to Evoke plc and cost-cutting measures aimed at boosting profitability, 888 is also reassessing its US consumer betting division. The latest financial update revealed a modest increase in quarterly revenues compared to the preceding period.

888 remains optimistic about resuming year-on-year growth from the second quarter of 2024, buoyed by sustained positive trends. In the UK market, despite an uptick in active users, revenue saw a marginal 1% drop, attributed to a decline in sports revenues which overshadowed gains in gaming, with events like the Cheltenham Festival having an impact.

The retail arm, encompassing William Hill’s physical outlets, experienced a 7% revenue dip over the quarter. Mr Widerstrom expressed satisfaction with the performance, saying: “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. 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.”