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LONDON - Evoke PLC (LSE: EVOK), a prominent player in the betting and gaming industry, announced its preliminary unaudited financial results for the fiscal year ended December 31, 2024. The company, which owns notable brands such as William Hill, 888, and Mr Green, reported a modest revenue increase of 3% to £1,754.5 million compared to the previous year.
The adjusted EBITDA for FY24 rose by 4% to £312.5 million, surpassing the upper end of the guidance range by approximately £2 million. This outcome reflects a robust second half of the year, with H2 Adjusted EBITDA up 33% year-on-year and 71% half-on-half. The company attributes this performance to a return to revenue growth, stringent cost control, and a more efficient operating model.
Despite the positive adjusted EBITDA, Evoke PLC experienced a reported EBITDA decline of 9% to £230.6 million, influenced by £79.3 million in exceptional items and adjustments, mainly due to the exit from the US B2C market and ongoing integration and transformation costs. The reported loss after tax widened significantly to £191.4 million, a 194% increase from the previous fiscal year’s loss of £65.2 million.
The company’s UK Retail segment saw a 5% decline against strong comparatives, with improvements observed in the second half. The rollout of new gaming cabinets, completed in March 2025, is expected to bolster performance in this area. Internationally, Evoke reported a 10% constant currency increase in online revenue, with a 25% growth in core international markets.
Evoke’s strategic progress included the sale of its US B2C business to Hard Rock Digital, expected to complete in 2025, and the acquisition of Winner.ro in Romania, establishing the Group’s fifth core market. The company has taken decisive actions to address underperformance in the first half and has seen a return to growth during the second half.
Looking forward, Evoke anticipates a robust start to 2025, with Q1 revenue growth expected to be in the low single digits year-over-year. The Board reiterates its confidence in achieving FY25 targets of 5-9% revenue growth and an Adjusted EBITDA margin of at least 20%. The Group’s leverage has improved, with a significant reduction in the second half from 6.7x to 5.7x and expectations to be below 5.0x by the end of 2025.
Per Widerström, CEO of Evoke, commented on the results, highlighting the pivotal year for the company as it launched and implemented a new strategy, transforming almost every area of the business. He expressed pride in the team’s ability to embrace major changes and thanked colleagues for their skill and commitment.
This financial summary is based on a press release statement.
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