Gambling operator 888 Holdings PLC (LON:888) reiterated its full-year guidance and said it has begun to reap the benefits from increased marketing investment in its first quarter.
In an update for the period from 1 January to 18 May, the FTSE 250 firm said its revenues had risen 6% on a like-for-like (LFL) basis, underpinned also by the release of its Orbit Casino platform which together had boosted new customer acquisition by 20% year-on-year.
READ: 888 racks up record earnings in 2018 despite UK woes
888 added that “strong momentum” had continued in its global markets, with revenue growth in its Sport and Casino arms of 29% and 13% respectively partially offsetting a flat performance in Bingo and a 28% decline in its Poker division.
The company also reported 18% LFL revenue growth for its UK market, with the vast majority generated by recreational customers.
As a result, the firm said it remained confident that its full year would be in line with its expectations.
Itai Pazner, 888’s chief executive, said that despite challenges from its Poker arm the firm was “pleased” by an improving revenue trend against the fourth quarter of 2018.
He added that the group was “very encouraged” by the 20% increase in first time depositors in the period, a “key indicator” of its growth prospects.
In early trading on Tuesday, 888 shares were flat at around 132p.