The William Hill and 888 owner, Evoke Group, shows promising signs of recovery as it reports revenue growth.
- Despite a 13% decline in its gambling sector due to unfavourable football results, Evoke Group still achieved £417m in revenue.
- Under new leadership, the company is implementing successful cost-cutting strategies and turnaround initiatives.
- Core European markets, including the UK and Ireland, have seen 11% revenue growth.
- The company anticipates continued revenue growth of 5-9% for the second half of the financial year.
The parent company of William Hill and 888, Evoke Group, is showing signs of recovery with revenue growth reported for the first time since 2022. Despite facing a 13% revenue decline in its gambling unit, influenced by customer-friendly football results in the UK which cost approximately £10m, the company posted £417m in revenue this quarter. This marks a turning point for Evoke Group, which has been grappling with financial instability over the past year.
Per Widerstrom, who assumed leadership of Evoke Group last year, has been instrumental in guiding the company through this challenging phase. His approach has focused on cost-cutting measures and strategic turnaround plans, which are beginning to show positive effects. In August, the company had reported a sharp decline in earnings, describing the first half of 2024 as “disappointing and behind our initial plan.” However, Widerstrom recently stated that the upturn in revenue demonstrates the effectiveness of these strategies.
A notable 8% increase in revenue across different markets, with an 11% growth observed specifically in core European markets, is a testament to Evoke Group’s improving performance. Countries such as the UK, Ireland, Italy, Spain, and Denmark, which now account for nearly 85% of online revenues including Romania, are contributing significantly to this positive trend.
Looking forward, Evoke Group remains optimistic. The company has reaffirmed its expectations for revenue growth of between 5-9% for the second half of the financial year. This anticipated growth is accompanied by an expected improvement in adjusted EBITDA margin to around 21%, indicating a robust financial outlook.
“I have now been in position for a year, and I am pleased that the turnaround of the business is working,” said Widerstrom. “We are achieving our plans to improve trading in the short-term while simultaneously radically transforming the Group’s capabilities for the long-term.”
Evoke Group’s strategic efforts are beginning to yield significant positive results, marking a hopeful outlook for the future.
