William Hill and 888 owner Evoke posts first revenue growth since 2022
The owner of William Hill and 888 said its turnaround strategy was working today as it posted its first quarter of revenue growth since the start of 2022.
In a trading update on its third quarter, the gambling firm said it had notched revenue of £417m over the period despite a 13 per cent slide in its gambling unit, as customer friendly results in UK football dented revenues by around £10m.
Across its markets, the firm posted revenue growth of eight per cent with 11 per cent growth in core markets in Europe including the UK and Ireland, Italy, Spain and Denmark. The countries now represent nearly 85 per cent of online revenues when including Romania.
Evoke Group has been struggling over the past year. Under boss Per Widerstrom, who took over last year, the company has been pushing through cost-cutting and turnaround plans.
However, at its half-year update in August, it reported a sharp slide in earnings and said the first six months of 2024 had been “disappointing and behind our initial plan.”
The company has been rejigging the geographical focus of the business to focus on its core markets as well as what products it prioritises.
In a comment today, boss Per Widerström said the latest growth, which represents the firm’s first revenue growth since 2022, showed the turnaround plan was working.
“I have now been in position for a year, and I am pleased that the turnaround of the business is working, with the first quarter of revenue growth since Q1 2022 and positive underlying trends,” he said. “We are achieving our plans to improve trading in the short-term, while simultaneously radically transforming the Group’s capabilities for the long-term.”
The William Hill owner doubled down on its guidance and said it was expecting revenue growth of 5-9 per cent in the second half of its financial year, with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) margin expected to improve to approximately 21 per cent.
