evoke, a leading global betting and gaming company, which operates renowned brands such as William Hill, 888, and Mr Green, has announced its post-close trading update for the three months and full year ending December 31, 2024 (“Q4” and “FY24” respectively).
The company reported strong performance in Q4, with group revenue growth of approximately 12-13% year-over-year (13-14% in constant currency). This growth was primarily driven by an increase in online revenue, which rose by around 16-17% (18-19% in constant currency), along with continued improvements in core markets. The positive results were supported by the successful execution of the group’s strategic initiatives and favourable sports outcomes during the quarter.
For the second half of the year, revenue growth is expected to reach approximately 8%, at the higher end of the previously forecasted 5-9% range.
With robust cost control measures and an increasingly efficient operating model, adjusted EBITDA for FY24 is expected to be at the high end of the previously communicated guidance range of £300-310 million, significantly exceeding market expectations.
Per Widerström, CEO of evoke, commented: “I am pleased to report that the improving trends we announced in Q3 further strengthened into Q4 with the business delivering double-digit revenue growth. As a result, revenue in the second half was at the high end of our 5-9% target growth range. While we were helped by some operator-friendly sports results in Q4, the significantly improved underlying momentum in the business gives me real confidence that the turnaround is working and we are well positioned to continue our growth trend into 2025.
Alongside the stronger trading performance, we continue to progress with transforming the Group’s capabilities for the mid- and long-term as we strengthen our competitive advantages, in particular better aligning our leading brands and products to a clearer customer value proposition. This turnaround is all supported by a clear market strategy, with our five core markets representing approximately 90% of our Q4 revenue. We are implementing a disciplined strategy with operational excellence to drive improved profitability and enable deleveraging.
2024 was a pivotal year as we started to implement our new strategy for success, radically transforming almost every area of the business, and moved decisively and at pace to position evoke for mid- and long-term profitable growth. We go into 2025 with improving momentum as we continue to execute against our value creation plan. I look forward to outlining our progress and plans in more detail in March.”
