26th Mar 2025 10:15
(Alliance News) - Evoke PLC on Wednesday recorded a widened pretax loss for last year, as it expects revenue growth in the first quarter of the new year to be in a low single digit.
Evoke shares fell 18% to 58.65 pence each on Wednesday morning in London.
The Gibraltar-based betting and gaming operator, formerly known as 888 Holdings and owner of William Hill, 888 and Mr Green brands, said its pretax loss stretched to GBP168.8 million in 2024 from GBP130.1 million in 2023.
Revenue grew 2.3% to GBP1.75 billion during the year from GBP1.71 billion, with adjusted earnings before interest, tax, depreciation and amortisation up 4.3% to GBP312.5 million from GBP299.5 million a year prior.
Costs arising from gaming duties increased 7.5% to GBP386.4 million in 2024 from GBP359.4 million.
Evoke declared no dividend, unchanged from 2023.
The company said: "2024 marked the beginning of a new era for our company. We are focused on mid and long-term profitable growth and value creation and during 2024 we made bold, decisive changes to improve almost every area of the business. We are undertaking a complete reset and transformation of the business, and the scale of change is significant, but necessary."
Looking ahead, Chief Executive Officer Per Widerstrom said: "2025 is shaping up to be another exciting year for Evoke. While Q1 revenue growth is expected to be low single digit, we remain highly confident in our full year expectations of 5-9% growth in addition to driving further margin expansion as a result of our more efficient operating model. Our exciting product pipeline, continued UK retail optimisation programme, and ever-improving capabilities around data and personalisation all reinforce my confidence in making further progress in 2025 as we continue to execute against our plans to create significant shareholder value."
First-quarter adjusted Ebitda is expected to increase on-year by GBP18 million to GBP28 million, while Evoke continues to target an adjusted Ebitda margin of at least 20% for 2025.
By Tom Budszus, Alliance News slot editor
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