25th Apr 2025 09:07
(Alliance News) - Evoke PLC on Friday reported that its first quarter revenue was up, expecting a return to stronger growth from its second quarter onwards.
Evoke is a London-based betting and gaming company with brands including William Hill, 888 and Mr Green.
In the first three months ended March 31, the company reported a revenue of GBP437.2 million, up 1.4% from GBP431.2 million in the prior year.
This rise in revenue was in line with the company's guidance.
This was driven by the firm rolling out 5,000 new gaming cabinets into its retail division in mid-March, which simultaneously drove "a significant improvement" in its gaming revenue run-rates and market share gains in the first quarter.
Full-year revenue growth of Evoke is expected to be consistent with the company's mid-term target of 5% to 9% annual growth.
However, Evoke's UK revenue fell 1%, with lower sports revenue offsetting a 3% increase in gaming. The company added that both were impacted by the introduction of additional safer gambling measures.
Last year, the UK government announced a number of new rules for gambling operators, including tighter age and identity verification, which have been introduced in recent months.
According to the firm, international revenue increased 11%, including year-on-year growth in Romania following the acquisition of Winner.ro.
As of Tuesday, year-to-date revenue growth is around 4%, Evoke noted.
Adjusted earnings before interest, tax, depreciation and amortisation was also "significantly" higher, at more than GBP330 million over the last 12 months.
Chief Executive Officer Per Widerstrom said: "This reflects the group's significantly more efficient operating model and our clear focus on creating value through sustainable, profitable growth.
"We are building momentum in the right areas of the business with particularly strong growth across our International Core Markets. Whilst the UK & Ireland Online and Retail performance was behind where we wanted to be in Q1, we have moved swiftly to improve some of the underlying drivers of the performance and have been seeing stronger trends in April."
Evoke shares rose 1.2% to 48.50 pence in London on Friday morning.
By Olivia Mason-Myhill, Alliance News reporter
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