(Adds details on background in paragraphs 2-4, CEO comment in paragraph 10, shares and analyst comment in paragraphs 11-12)

April 19 (Reuters) - British bookmaker 888 reported revenue slightly ahead of projection for the first quarter on Friday, helped by strong customer volumes, and said it expects it to return to growth from the second quarter. WHY IT'S IMPORTANT

The betting and gaming company unveiled a new strategy last month to focus on its core markets and invest in automation and artificial intelligence to save on costs.

The new strategy came after the company battled a sluggish recovery last year as it incorporated measures to tighten player safety amid stiff regulation in UK and slower growth in some of its international markets.

CONTEXT

As a part of the strategy, 888 is planning to change its name to evoke plc to reflect its multi-brand model, nearly two years after it bought William Hill's non-U.S. assets.

Rival Entain earlier this week reported a smaller-than-expected fall in online gaming revenue for the first quarter, as an increase in active customers helped it offset stiff competition and regulatory pressures in its main markets.

BY THE NUMBERS

Revenue came in at 431 million pounds ($535.00 million) for the quarter ended on March 31, above the expected range of 420 million pounds-430 million pounds. However, it was down 3% from a year earlier.

KEY QUOTE

"Having lapped various regulatory and compliance changes during the quarter, and with increased marketing investment supported by an exciting product pipeline, we remain confident in a return to growth from Q2 2024," CEO Per Widerström said. MARKET REACTION

Shares in the company were up nearly 3% in early trade at 82 pence.

"Underlying trends are encouraging, including sequential growth across both sports and gaming, strong customer engagement and an easing of regulatory comparatives," analyst at Jefferies said in a note.

WHAT’S NEXT

The group will propose the name change at its annual general meeting on May 13. ($1 = 0.8056 pounds) (Reporting by Radhika Anilkumar in Bengaluru; Editing by Eileen Soreng and Subhranshu Sahu)