Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- Shares of Everplay dropped 4% following the announcement that CEO Steve Bell will step down, with Frank Sagnier stepping in as interim Executive Chair.
The move comes despite the company’s recent confirmation that trading is in line with upgraded expectations for FY25E, including a marginal outperformance of market forecasts and the initiation of a maiden dividend.
The leadership transition sees Bell replaced by Sagnier, who brings three decades of experience in the gaming sector, including senior roles at Codemasters, Electronic Arts (NASDAQ:EA), Acclaim Entertainment, and Funcom. Additionally, Penny Judd has been appointed as Senior Independent (LON:IOG) Director.
The changes are effective immediately, as the company prepares to issue its first half of FY25E trading update in early July.
Everplay’s recent FY24 results announcement at the end of March highlighted an improved trading performance for FY25E, slightly ahead of market expectations at that time. The Board has reiterated that the company’s trading remains on track with these recently upgraded forecasts.
Analysts at Jefferies commented on the executive shuffle, stating, "We do not expect a material change in strategic direction. Thus, continuity looks assured as a new CEO is sought, underpinned by everplay confirming that trading remains in line with (recently upgraded) expectations."
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