'Exciting new dawn' for 888 as management reveals plans for new strategy and brand identity

The new chief executive of William Hill's parent company 888 hailed "the beginning of an exciting new dawn" as he unveiled a new strategy and a new identity for the operator on Tuesday.

Per Widerstrom, who joined 888 as chief executive in October, was speaking as the company announced its full-year results for 2023.

888 endured a turbulent 2023, with long-standing chief executive Itai Pazner leaving at the start of the year, profit warnings and takeover speculation surrounding the company.

Last week, 888 also revealed the Gambling Commission was to take no further action following a licence review triggered by a takeover attempt last year by a group of investors including prominent racehorse owner Kenny Alexander.

The company is proposing a change in the group's name to Evoke plc, subject to approval by shareholders at this year's annual meeting, "to better reflect the strength of the group’s multi-brand operating model and its vision and mission to make life more interesting".

Widerstrom said 888 wanted to focus on creating value as part of its new strategy with the intention of growing revenue by five to nine per cent a year.

The new value creation plan would also include concentration on the company's core markets of the UK, Italy, Spain, and Denmark, along with annual cost savings of approximately £30 million.

The company has also strengthened its executive team with a number of new appointments, including former BoyleSports chief executive and UK Tote Group managing director Mark Kemp as chief commercial officer.

888 chief executive Per Widerstrom: "This is a big day for us"Credit: 888 Holdings

"This is a big day for us," Widerstrom told the Racing Post. "This is the day when we are announcing the strategy, the value creation plan and the corporate identity. That is what the markets have been waiting for but also the people in our organisation.

"We have been working intensively on this strategy and the value creation plan which we mobilised and kick started before Christmas and this is a day we have been waiting for."

888 reported revenue of £1.7 billion in 2023, up 38 per cent compared to 2022 when the company bought William Hill halfway through the year, but down eight per cent on a pro forma basis.

Adjusted earnings of £308.3m were up 41 per cent on a reported basis but down one per cent pro forma.

Widerstrom 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."

David Brohan, gaming and leisure analyst at stockbrokers Goodbody, described the update as "positive for 888" and the markets seemed to agree, with the company's share price closing up more than six per cent at 89p on Tuesday.

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