International sports betting and gambling company 888 Holdings Plc unveiled on Tuesday its new “Value Creation Plan,” including plans to rebrand and change its name to “Evoke Plc.”
The name change awaits shareholder approval at the company’s next annual general meeting, but 888 believes it 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.”
In addition, 888 disclosed its financial results for the fiscal year ending Dec. 31, reporting a 25 percent fall in earnings but rising revenue and EBITDA, which reached $390.4 million.
Last year was turbulent for 888, with company veteran and CEO Itai Pazner leaving. The company’s new CEO, Per Widerström, and chief financial officer, Sean Wilkins, joined the company within the past six months. Now, 888’s new management team is trying to put an end to a year of turbulence with a fresh strategy.
“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,” Widerström said.
888 has laid out new financial targets, including revenue growth between 5 percent and 9 percent a year in the medium term and cutting its leverage by 2026. The company looks to focus on cost-saving and has been reviewing its U.S. operations, pulling out of its Sports Illustrated licensing deal with Authentic Brands Group. Instead, 888 will focus on its four core markets – the United Kingdom, Italy, Spain and Denmark – markets that contribute about 85 percent of revenue.
“We are now clear on what success looks like, we have the team and capabilities to deliver and I am confident that the execution of our plan will deliver for a high return on equity from sustainable, profitable growth, enhanced by deleveraging,” Widerström added.
