17th Jan 2025 08:32
(Alliance News) - Evoke PLC on Friday raised annual guidance boosted by bookie-friendly sports results during the fourth quarter.
The Gibraltar-based betting and gaming operator, formerly known as 888 Holdings and owner of William Hill, 888 and Mr Green brands, said revenue grew 12% to 13% in the three months ended December 31 from a year prior, or by 13% to 14% in constant currency.
Revenue was driven by online growth of 16% to 17%, or 18% to 19% in constant currency, with continued improvement across core markets, and supported by operator friendly sports results.
As a result, revenue growth in the second half is expected to be 8%, towards the higher end of the 5% to 9% guidance range.
Evoke expects adjusted earnings before interest, tax, depreciation and amortisation to be at the high end of guidance of GBP300 million to GBP310 million for the full year, and well ahead of market expectations.
In 2023, Evoke reported adjusted Ebitda of GBP308.3 million.
In response, Peel Hunt raised its full-year Ebitda forecast to GBP309 million from GBP284 million.
"We believe investors will be encouraged by two consecutive quarters of revenue growth and [2024] upgrades," the broker added.
Shares in Evoke jumped 10% to 75.72 pence each in London on Friday morning.
Chief Executive Per Widerstrom said: "The significantly improved underlying momentum in the business gives me real confidence that the turnaround is working and we are well positioned to continue our growth trend into 2025."
By Jeremy Cutler, Alliance News reporter
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