Evoke Group, parent company of William Hill and 888, sees revenue growth amidst challenges.
- The firm’s third-quarter update reveals a revenue of £417m, despite a significant dip in its gambling unit.
- An 8% overall revenue increase was achieved, highlighting success in core European markets.
- Cost-cutting and strategic plans under Per Widerstrom’s leadership are credited for this turnaround.
- The company projects a 5-9% revenue growth in the second half, with improved EBITDA margins.
Evoke Group, the parent company of William Hill and 888, reported a notable revenue increase in its latest third-quarter trading update. Despite facing a 13% decrease in its gambling unit, the company posted revenues totalling £417m. This setback, where customer-friendly football results in the UK impacted revenues by approximately £10m, did not overshadow the company’s overall positive performance.
The firm successfully achieved an 8% increase in revenue across various markets. Particularly noteworthy is the 11% growth observed in core European territories, including the UK, Ireland, Italy, Spain, and Denmark. These markets now contribute to nearly 85% of Evoke Group’s online revenues, showcasing a strategic focus that has paid off significantly.
Over the past year, Evoke Group has been navigating a challenging business environment. Under the stewardship of Per Widerstrom, who assumed leadership last year, the company implemented rigorous cost-cutting and strategic turnaround initiatives. The effectiveness of these measures is evident in the latest financial data, marking the first quarter of revenue growth since 2022.
Widerstrom’s approach reflects a dual focus: improving short-term trading results while simultaneously transforming the Group’s long-term capabilities. As he notes, “I am pleased that the turnaround of the business is working, with positive underlying trends.” This strategic direction demonstrates Evoke Group’s commitment to overcoming previous financial setbacks.
Looking forward, the company has maintained its positive outlook and anticipates revenue growth in the range of 5-9% for the second half of the financial year. Additionally, an improvement in the adjusted EBITDA margin to approximately 21% is expected, underscoring the firm’s confidence in its ongoing strategic initiatives.
Evoke Group’s recent performance underscores the effectiveness of its turnaround strategy, setting a foundation for future growth.
