REG - Evoke PLC - 2024 Post-close Trading Update

EvokeAnnouncement

17/01/2025 07:00

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RNS Number : 6781T  Evoke PLC  17 January 2025

 

17 January 2025

 

evoke Plc

("evoke" or "the Group")

 

2024 Post-close Trading Update

 

Double-digit revenue growth in Q4 driven by online; FY24 EBITDA expected to be
at the high end of the previously announced guidance range and well above
market expectations

 

evoke (LSE: EVOK), one of the world's leading betting and gaming companies
with internationally renowned brands including William Hill, 888 and Mr Green,
today announces a post-close trading update for the three and 12 months ending
31 December 2024 ("Q4" and "FY24" respectively).

 

Financial performance

 

Strong performance in Q4 with Group revenue growth of approximately 12-13%
year-over-year (c.13-14% in constant currency). This performance was driven by
online growth of approximately 16-17% (c.18-19% in constant currency) with a
continued improvement in the growth rate across Core Markets, all underpinned
by the successful implementation of the Group's strategy, and supported by
operator friendly sports results during Q4.

 

As a result, revenue growth in H2 is expected to be approximately 8%, towards
the higher end of the previously communicated 5-9% guidance.

 

Strong cost control and an increasingly efficient operating model mean that
adjusted EBITDA is expected to be at the high end of the previously
communicated guidance range of £300-310m for the full year, and well ahead of
market expectations(1).

 

Per Widerström, CEO of evoke, commented:

 

"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.
As a result, revenue in the second half was at the high end of our 5-9% target
growth range. While we were helped by some operator-friendly sports results in
Q4, 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.

 

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. This
turnaround is all supported by a clear market strategy, with our five core
markets representing approximately 90% of our Q4 revenue. We are implementing
a disciplined strategy with  operational excellence to drive improved
profitability and enable deleveraging.

 

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."

 

Notes

 

(1) Analyst consensus is available on the Group's website here
https://corporate.888.com/investors/shareholder-information/analyst-consensus/
(https://corporate.888.com/investors/shareholder-information/analyst-consensus/)
. The consensus average for FY24 Adjusted EBITDA as of the date of this
release was £294m.

 

Enquiries and further information:

 

 evoke Plc                                       +44(0) 800 029 3050
 Per Widerström, CEO

 Sean Wilkins, CFO

 Vaughan Lewis, Chief Strategy Officer

 Investor Relations                              ir@evokeplc.com (mailto:ir@evokeplc.com)

 James Finney, Director of IR

 Media                                           evoke@hudsonsandler.com (mailto:evoke@hudsonsandler.com)
 Hudson Sandler                                  +44(0) 207 796 4133

 Alex Brennan / Hattie Dreyfus / Andy Richards

 

About evoke Plc:

 

evoke plc (and together with its subsidiaries, "evoke" or the "Group") is one
of the world's leading betting and gaming companies. The Group owns and
operates internationally renowned brands including William Hill, 888, and Mr
Green. Incorporated in Gibraltar, and headquartered and listed in London, the
Group operates from offices around the world.

The Group's vision is to make life more interesting and its mission is to
delight players with world-class betting and gaming experiences.

Find out more at: https://www.evokeplc.com (https://www.evokeplc.com)

 

Important Notices

 

This announcement may contain certain forward-looking statements, beliefs or
opinions, with respect to the financial condition, results of operations and
business of evoke. These statements, which contain the words "anticipate",
"believe", "intend", "estimate", "expect", "may", "will", "seek", "continue",
"aim", "target", "projected", "plan", "goal", "achieve", words of similar
meaning or other forward looking statements, reflect evoke's beliefs and
expectations and are based on numerous assumptions regarding evoke's present
and future business strategies and the environment evoke will operate in and
are subject to risks and uncertainties that may cause actual results to differ
materially. No representation is made that any of these statements or
forecasts will come to pass or that any forecast results will be achieved.
Forward-looking statements involve inherent known and unknown risks,
uncertainties and contingencies because they relate to events and depend on
circumstances that may or may not occur in the future and may cause the actual
results, performance or achievements of evoke to be materially different from
those expressed or implied by such forward looking statements. Many of these
risks and uncertainties relate to factors that are beyond evoke's ability to
control or estimate precisely, such as future market conditions, currency
fluctuations, the behaviour of other market participants, the actions of
regulators and other factors such as evoke's ability to continue to obtain
financing to meet its liquidity needs, changes in the political, social and
regulatory framework in which evoke operates or in economic or technological
trends or conditions. Past performance of evoke cannot be relied on as a guide
to future performance. As a result, you are cautioned not to place undue
reliance on such forward-looking statements. The list above is not exhaustive
and there are other factors that may cause evoke's actual results to differ
materially from the forward-looking statements contained in this announcement.
Forward-looking statements speak only as of their date and evoke, its
respective parent and subsidiary undertakings, the subsidiary undertakings of
such parent undertakings, and any of such person's respective directors,
officers, employees, agents, affiliates or advisers expressly disclaim any
obligation to supplement, amend, update or revise any of the forward-looking
statements made herein, except where it would be required to do so under
applicable law. No statement in this announcement is intended as a profit
forecast or a profit estimate and no statement in this announcement should be
interpreted to mean that the financial performance of evoke for the current or
future financial years would necessarily match or exceed the historical
published for evoke.

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