William Hill owner 888 has reported that it narrowed its losses last year as the gambling giant announced it intended to rebrand as evoke plc.
The group posted a post-tax loss of £56.4m in 2023, an improvement from £120.6m in 2022. On an adjusted basis, 888 reported a profit of £48.1m last year, down from £64.2m in 2022.
It was boosted by higher revenue of £1.71bn last year, up 38 per cent from £1.24bn in 2022. The group pinned the increase on its move away from dotcom markets and changes in UK customer mix due to additional safer gambling measures, as well as a change in its marketing strategy.
Along with the results, the company also proposed changing its name to evoke plc.
The group said the name change, subject to shareholder approval, would “better reflect the strength of the group’s multi-brand operating model and its vision and mission to make life more interesting by delighting players with world-class betting and gaming experiences”.
The move comes as chief executive Per Widerström, an industry veteran who took the helm last October, tries to shore up the group’s finances through a “Value Creation Plan” after it has grappled with a debt pile, compliance failings and management changes.
The group announced it would simplify its market focus to “core” and “optimise” markets, saying it would exit non-core markets that were unprofitable or monetise assets through alternative models like local partnerships.
888’s core markets are currently the UK, Italy, Spain, and Denmark, which generate around 85 per cent of its total revenue.
Widerström said on Tuesday: “It is incredibly exciting to announce our Value Creation Plan, our strategy for success, our new financial targets, and our new corporate identity. Today marks the beginning of an exciting new dawn for this business.”
He added: “I firmly believe that the group now has all the key ingredients for long-term success: leading positions in growing markets with high and rising barriers to entry; powerful proprietary technology; a top-class management team; and some of the strongest betting and gaming brands in the world.”
The group stuck to its previous 2024 earnings guidance, seeing “consistent growth in active players driving confidence in strong revenue growth online in both the UK and International segments”.