Gambling group 888 Holdings plans to change its name to evoke plc as it tries to showcase its new corporate strategy. It will need to get approval from shareholders during the 2024 annual general meeting (AGM) to make the alteration.
In a press release on Tuesday, 888 said it believes the change will better reflect the group’s multi-brand approach, as well as its “vision and mission to make life more interesting by delighting players with world-class betting and gaming experiences.” In addition to the 888 brand, the company also runs William Hill and Mr. Green.
It also noted the compliance and regulatory changes it has made in recent years which have altered the way it does business, with the new name reflecting how it is “a new company on a new journey.”
888’s share price jumped 10% in morning trading.
The company reported its full-year 2023 results on Tuesday, reflecting a net loss of £56.4m ($71m), which is an improvement from £120.6m ($153m) the previous year. Revenue increased 38% to £1.7bn ($2.2bn). 888’s share price jumped 10% during morning trading.
Per Widerström, who took over as chief executive in October, is looking to reignite the company’s fortunes following a difficult couple of years. It has fought off takeover offers, looked to exit the US market, come through a UK license review unscathed, and paid seven-figure fines for compliance issues.