Gambling firm 888 says revenues were slightly ahead of expectations for start of 2024

It previously forecast a range of £420m to £430m.

Per Widerstrom, who was appointed as chief executive officer last year after a turbulent period for the business, described it as a “strong quarter of progress”.

The company, which last month unveiled a new strategy which will see its name change to Evoke plc, has been cutting costs in a bid to return to profit and put its US consumer betting business up for review.

888 said revenues for the latest quarter were slightly higher than the previous quarter.

It added that it expects to return to year-on-year growth from the second quarter of 2024 as positive momentum continues.

In the UK, the group said it saw an increase in the number of active customers but revenues dipped 1 per cent as growth in gaming revenues was more than offset by lower sports revenues, linked to events such as the Cheltenham Festival.

Its retail business, which includes William Hill shops, reported a 7 per cent decline for the quarter.

Mr Widerström, commented: "I am pleased to report that Q1 (first quarter) 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 (the second quarter of 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."

The statement added: “On March 26 2024 the group announced its new strategy, Value Creation Plan (VCP) and clear medium-term financial targets.”

It said its new corporate identity - evoke plc - would better reflect the new “one company” approach.

It is due to be launched in May 2024, subject to shareholder approval at the AGM on May 13.

The group said the reset of its operating model is progressing well, with £30m in 2024 operating cost savings being reinvested into more profitable marketing to drive growth.

888 said the conclusion of the strategic review of the US B2C (business to consumer) business was announced on March 28 2024, with the sale of selected assets and the closure of remaining operations expected during 2024 subject to regulatory approvals.

This is expected to deliver an ongoing EBITDA (earnings before interest taxation depreciation and amortisation) improvement of £25m per year from 2025, the group said.