Evoke has forecast a year-on-year revenue increase of between 12% and 13% for the fourth quarter of 2024, primarily due to further growth across its online gambling operations. It expects full-year EBITDA to be at the higher end of its initial guidance.
In a trading update published today (17 January), Evoke sets out several expectations for Q4, H2 and the FY2024. The group, which counts 888, William Hill and Mr Green among its brands, saw its financial year conclude on 31 December 2024.
Among these forecasts was a rise in revenue for Q4. Evoke highlighted an expected increase in online revenue by between 16% and 17% on the previous year. It also noted continued improvement in the growth rate across core markets, helped by operator friendly sports results in Q4.
As a result, Evoke expects revenue for the second half of 2024 to be 8% higher year-on-year. This would be towards the upper end of previously communicated guidance of 5% to 9%.
In terms of the full year, Evoke did not publish information about revenue but did offer insight into adjusted EBITDA.
Adjusted EBITDA for FY2024 will likely be at the upper end of its earlier guidance of £300 million (€355 million/$365 million) to £310 million. It is also expected to surpass analyst consensus of £294 million for the year. It said this benefited from “strong cost control and an increasingly efficient operating model”.
CEO: Evoke positioned for further growth in 2025
Commenting on the update, CEO Per Widerström praised ongoing growth within Evoke. He said improving trends noted in Q3 continued into Q4 and will likely carry over into 2025.
“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,” Widerström said. “We are well positioned to continue our growth trend into 2025.”
Widerström said Evoke’s continued focus on core markets is also playing a role in growth. In particular, he said this has supported the online section of the business.
“We continue to progress with transforming the group’s capabilities for the mid- and long-term as we strengthen our competitive advantages,” Widerström said. “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 Q4 revenue. We are implementing a disciplined strategy with operational excellence to drive improved profitability and enable deleveraging.”
Declaring 2024 a “pivotal year” for Evoke, Widerström said the group is now positioned for further success in the coming year.
“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.”
