It noted a strong Q4 as a reason for this development.
Key points:
- Revenue for the year is expected to grow 8%, due to strong Q4 performance
- Strong Q4 performance comes despite competitor's noting a customer-friendly Q4 for sports bettors
- Stock prices are up 9.3% from yesterday's close as of the time of writing
Evoke has released new updates regarding its Q4 and FY24 financial results.
The operator, which owns brands including William Hill, Mr Green and 888, noted a strong performance in Q4, with revenue up 12-13% year-on-year. This was primarily driven by online development, with year-on-year growth in the vertical reaching approximately 16-17%, while core markets were noted as experiencing continued rates of growth.
Evoke’s five core markets, according to CEO Per Widerström, account for 90% of the operator’s revenue.
The implementation of Evoke’s latest business strategy, alongside operator-friendly sports results, also bolstered these results. This is in stark contrast to other operators, such as Flutter, which reduced its FY24 revenue guidance by $370m due to unfavourable sports betting results in the US in November and December. Entain also noted customer-friendly betting results towards the end of 2024, though chose not to adjust its FY24 EBITDA guidance.
Due to its Q4 results, Evoke expects revenue for H2 to be up roughly 8%; the higher end of its 5-9% growth guidance. It also expects FY24 EBITDA to be at the higher end of its £300-310m guidance range, owing to strong cost control and increased efficiency in operations.
On the results, Evoke CEO Per Widerström said: "I am pleased to report that the improving trends we announced in Q3 further strengthened into Q4 with the business delivering double-digit revenue growth... Alongside the stronger trading performance, we continue to progress with transforming the Group’s capabilities for the mid- and long-term as we strengthen our competitive advantages, in particular better aligning our leading brands and products to a clearer customer value proposition...
Good to know: Evoke rebranded from 888 in 2024
“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. We go into 2025 with improving momentum as we continue to execute against our value creation plan. I look forward to outlining our progress and plans in more detail in March.”
Indeed, since its rebranding and company restructuring, much has changed for Evoke. In March it sold its US assets to Hard Rock Digital, while in August, it acquired Winner.ro.
Looking at market reactions to this announcement, as of the time of writing (17 January 2025, 9.15 am GMT), Evoke’s share price has risen 9.3%, from £0.68 at close on 16 January to £0.75 – the highest it has been since end of trade results from mid-July 2024. Indeed, this is good news for the operator. Now, we will just have to wait and see if its guidance is correct.
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