Evoke expects to hit high end of 2024 EBITDA guidance, driven by online growth

Global betting and gaming company Evoke is on track to reach the upper end of its 2024 financial guidance, buoyed by strong growth in online operations and favorable sports results during the fourth quarter, the company announced in a trading update.  

Evoke, which owns major brands such as 888, William Hill, and Mr. Green, forecasts Q4 2024 revenue growth of 12%-13% year-over-year, supported by a 16%-17% surge in online operations. Revenue growth for the second half of the year is expected to reach 8%, at the high end of the previously announced 5%-9% range.  
  
Adjusted EBITDA for the full year is projected to hit the upper end of the guidance range of £300-£310 million ($365-377 million), surpassing analyst consensus of £294 million. The company attributed this performance to robust cost controls and an increasingly efficient operating model.  

“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,” said CEO Per Widerström.  

Evoke's growth strategy emphasizes core markets, which contributed approximately 90% of Q4 revenue. Widerström highlighted the company’s focus on aligning its brands with a clearer customer value proposition and enhancing competitive advantages.   

“2024 was a pivotal year as we started to implement our new strategy for success, radically transforming almost every area of the business,” Widerström said.  

Heading into 2025, Evoke expects continued growth, leveraging its operational improvements. “We are well positioned to continue our growth trend into 2025,” Widerström added, noting that the company plans to provide further updates in March.  

Describing 2024 as a year of significant change, Evoke pointed to the successful execution of a value creation plan aimed at driving mid- and long-term growth.  

While favorable sports results boosted Q4 performance, Widerström emphasized the importance of sustained improvements across the business. “This turnaround is all supported by a clear market strategy and disciplined operational excellence to drive improved profitability and enable deleveraging,” he said.