Source - Alliance News

Evoke PLC on Friday raised annual guidance boosted by bookie-friendly sports results during the fourth quarter.

The Gibraltar-based betting and gaming operator, formerly known as 888 Holdings and owner of William Hill, 888 and Mr Green brands, said revenue grew 12% to 13% in the three months ended December 31 from a year prior, or by 13% to 14% in constant currency.

Revenue was driven by online growth of 16% to 17%, or 18% to 19% in constant currency, with continued improvement across core markets, and supported by operator friendly sports results.

As a result, revenue growth in the second half is expected to be 8%, towards the higher end of the 5% to 9% guidance range.

Evoke expects adjusted earnings before interest, tax, depreciation and amortisation to be at the high end of guidance of £300 million to £310 million for the full year, and well ahead of market expectations.

In 2023, Evoke reported adjusted Ebitda of £308.3 million.

In response, Peel Hunt raised its full-year Ebitda forecast to £309 million from £284 million.

‘We believe investors will be encouraged by two consecutive quarters of revenue growth and [2024] upgrades,’ the broker added.

Shares in Evoke jumped 10% to 75.72 pence each in London on Friday morning.

Chief Executive Per Widerstrom said: ‘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.’

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