Evoke, one of the world's leading betting and gaming companies with renowned brands including William Hill, 888 and Mr Green, has announced a trading update for the three and six months ending June 30.
Revenues for the quarter reached approximately £431m, which was broadly stable against Q1 and the previous year. The Adjusted EBITDA Margin for H1 is projected to be 13 -14 per cent, as a result of “marketing costs heavily weighted to the first half, together with lower than expected revenue and the timing of cost saving actions taken.”
For the six-month period, Adjusted EBITDA is expected to be approximately £35-20m behind plan.
Revenue for the UK online sector was up three per cent for the quarter, including a six per cent growth in gaming driven by continued improvements in product and promotions. For UK retail, H1 revenue was stable against H2 2023, but eight per cent lower than 2023.
"We are focused on mid and long-term profitable growth and value creation and during the first half we have made bold, decisive changes to improve almost every area of the business,” said Per Widerström, CEO of evoke. “We are undertaking a complete reset and transformation of the business, and the scale of change is significant, but necessary. This transformation will take time but will enhance operational efficiency, leading to a bigger, more profitable and more cash generative business in the future.
“Our strategy defines what good looks like and how we get there, and while no journey is ever straightforward, we have learnt a lot already so far this year as we pursue our goals. Whilst it is disappointing that the first half financials are behind our plan, the underlying health of the business is getting stronger, and the corrective actions we have already taken make us even more confident that our strategic approach is sound and will achieve sustainable success.
“I am really pleased with the strategic progress we have made so far and I'm confident this will set us up for profitable growth in H2 2024 and beyond as we continue to invest for the mid and long-term with high conviction. Our plans for 2025 and beyond are unchanged and the strategic and operational progress we have made during the first half give me increased confidence about delivering our value creation plan."
