The parent company of William Hill and 888, Evoke Group, sees first revenue growth since 2022.
- The group achieved £417 million in revenue despite a 13% decline in the gambling unit.
- Key markets show an 8% revenue increase with 11% growth in Europe, signaling recovery.
- Per Widerstrom’s leadership and turnaround strategy mark positive trends for the company.
- Evoke Group expects further revenue growth and improved EBITDA margins for the financial year.
The Evoke Group, the parent company of William Hill and 888, has reported its first revenue growth since 2022, demonstrating the effectiveness of its turnaround strategy. This announcement comes as a relief after a challenging year, with revenue for the recent quarter reaching £417 million, despite a 13% decline in the gambling unit.
The company has attributed this decline to customer-friendly outcomes in UK football matches, which accounted for an estimated £10 million impact on revenue. Nevertheless, the group’s strategic focus on cost-cutting and market diversification appears to be bearing fruit, as evidenced by an 8% increase in revenues across their markets.
European markets, including the UK, Ireland, Italy, Spain, and Denmark, which together with Romania contribute nearly 85% of online revenues, experienced an 11% growth. This marks a significant turnaround for Evoke Group, which had described its first half of 2024 as “disappointing and behind our initial plan.”
Under the leadership of Per Widerstrom, who assumed his role last year, the organization has undertaken substantial restructuring efforts. Widerstrom has been vocal about the group’s strategy, stating, “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.” This highlights the company’s focus on improving short-term trading while transforming capabilities for the long term.
Looking ahead, Evoke Group remains optimistic about continued revenue growth, projecting a 5-9% increase in the latter half of the fiscal year. Additionally, an anticipated enhancement in the adjusted EBITDA margin to approximately 21% reflects the company’s confidence in its financial health.
The Evoke Group’s strategic turnaround and leadership are showing positive results, with an expectation of sustained growth.
