Evoke sees stable first quarter amid challenges for William Hill and 888
UK and Ireland gaming revenue fell by 1 per cent year-on-year.
UK.- FTSE 250-listed Evoke Plc has published a trading update offering a preview of results for the first quarter of the year. Revenue was up by 1 per cent year-on-year to £437.2m despite challenging conditions for the core UK and Ireland William Hill and the 888 brands. However, the result suggests the company may fall short of its target of 5 to 9 per cent annual growth for 2025.
The former 888 Holdings noted the impact of new safer gambling measures in the UK. Revenue from the UK and Ireland fell by 1 per cent despite a 3 per cent rise in online gaming revenue. This was due to a 6 per cent drop in retail sports betting revenue at William Hill outlets.
There was a 21 per cent drop in active players, which the company put down to the comparative base as it had increased promotional activity in Q1 2024, while stakes and the win margin also fell. Despite these challenges, Evoke expressed optimism for the UK and Ireland market going forward, noting the rollout of new gaming machines and planned improvements to retail betting services.
International operations did better in Q1, rising by 11 per cent year-over-year. Romania stood out here owing to the acquisition of Winner.ro in August last year, adding the country to Evoke’s roster of core markets. International performance added one per cent to total revenue for the quarter.
Also showing positive signs, adjusted EBITDA reached £330m, and the group highlighted its projection of additional cost savings of £15 to £20m for 2025 amid key integrations and upgrades. It continues to target growth of 5 to 9 per cent for the year.
CEO Per Widerström said: “We are taking decisive actions to position Evoke for long-term success and drive significant value. I look forward to updating our stakeholders on progress as the year unfolds.”
