evoke has cited online operations as a driving force behind its double-digit revenue growth in the fourth quarter of 2024, as well as improvements in core markets, successful group strategy implementation and operator-friendly sports results.
Publishing a Q4 trading update, the operator of William Hill, 888 and Mr Green reported an approximately 12%-13% year-over-year (YoY) increase in revenue (around 13%-14% in constant currency). As a result, H2 revenue is expected to grow by approximately 8% YoY, toward the higher end of the previously stated guidance range of 5% to 9%.
evoke noted that the quarter’s results were “driven by online growth of approximately 16-17% (c.18-19% in constant currency)” alongside growth rate upticks across its core markets of the UK, Italy, Spain and Denmark, “all underpinned by the successful implementation of the Group’s strategy, and supported by operator friendly sports results during Q4”.
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.”
evoke also highlighted strong cost control and efficiency improvements to its operating model, meaning 2024 adjusted EBITDA is expected to be at the high end of the previously reported guidance range of £300m-£310m, ahead of market expectations.
“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,” continued Widerström.
“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 year of transformation for evoke, as Widerström and Chief Strategy Officer Vaughan Lewis went into detail about the group’s rebranding and restructuring programme in a recent edition of SBC Leaders Magazine.
Significant evolution will continue for evoke this year, as the operator is in the process of exiting the US B2C market, with the procedure expected to be completed by the end of Q1 2025.
Widerström concluded: “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.”
