Blue Ribband evoke, home of top brands William Hill, 888 and Mr Green, has reported a super impressive 44 percent rise in adjusted EBITDA to £165.9 million (US$225.13m) and a three percent increase in revenue to £887.8 million (US$1.2bn), year-over-year, for its H1, ending June 30.
This marks the fourth consecutive quarter of growth for the Gibraltar-headquartered, FTSE100 omnichannel, and is a testament to the successful under-the-radar leadership of Per Widerström, returning profit and stability to the group following the stormy stewardship of iGaming “legend” Itai Pazner, who was jettisoned in a boardroom coup in January, 2023, following serious AML and KYC breaches.
Although UK and Ireland iGaming revenue fell by a marginal one percent because of the company’s “revised marketing strategy” and an absence of “major football tournaments”, profitability, nonetheless, surged and adjusted EBITDA in its home territory was up 37 percent, y-o-y, to £60 million (US$81.42m).
International revenue grew thirteen percent, supported by strong performances in core markets.
Overall in H1 , retail revenue declined by two percent, although, following the roll-out of 5,000 new gaming machines in high street outlets, growth did return in Q2.
Bright Future
The company, formerly known as 888 Holdings, reported total liquidity of £250 million in H1 (US$339.42m) and it continued to reduce its leveraged debt with a further off-the-top payment of £121 million (US$164.27m).
Like most gaming outfits, evoke is embracing the advantages and opportunities of AI and is scaling automation across its operations.
Citing an 11 percent rise in average revenue per user, the mega channel now projects FY revenue growth of up to nine percent, with an adjusted EBITDA margin of at least 20 percent for 2025.
“We are seeing clear evidence of the transformation and operational reset we’ve undertaken, with the group delivering continued revenue growth, significantly improved profitability and meaningful deleveraging during the first half of the year,” affirmed CEO Widerström.
“The improved financial performance is a result of substantial strategic progress, focusing resources on our core markets and executing a short-term turnaround, while investing in building stronger capabilities to support long-term sustainable and profitable growth.
“Having delivered four consecutive quarters of growth, we are well positioned to drive continued progress, supported by our leading market positions, established brands, outstanding products, and a clear customer proposition.”
We’ll say, Cheers to that!
