William Hill owner Evoke on a roll as turnaround strategy starts to pay off
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Shares in William Hill owner Evoke rose on Friday after the gambling group lifted profit guidance, following a second consecutive quarter of revenue growth. Group revenues were up 13 to 14 per cent on a constant currency basis during the three months to 31 December, Evoke said, as online sales rocketed by 18 to 19 per cent and the bookie cashed-in on 'operator friendly' sports results.
Evoke, which also owns the 888 and Mr Green brands, in undergoing a major strategy shake up that sees the group re-focus its energies on core markets, and reduce costs by investing in AI and automation. Boss Per Widerström told shareholders the 'significantly improved underlying momentum in the business gives me real confidence' that Evoke's 'turnaround is working and we are well positioned to continue our growth trend into 2025'.
Revenues for the second half of 2024 are now expected to come in around 8 per cent higher, the high end of a previously forecast 5 to 9 per cent guidance range. But Evoke credited its 'strong cost control and an increasingly efficient operating model' as the operator said it now expects full-year adjusted earnings before nasties to come in 'well ahead of market expectations' at the 'high end' of a £300million to £310million guidance range.
Evoke scores two consecutive quarters of revenue growth. Widerström said: '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.
