William Hill owner says ‘turnaround working’ as sales rebound
Evoke, which was rebranded from 888 earlier this year, saw shares tick higher in early trading as a result.
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Your support makes all the difference.The gambling firm behind William Hill and 888 has said its turnaround plan “is working”, as quarterly sales grew for the first time in more than two years.
Evoke, which was rebranded from 888 earlier this year, saw shares tick higher in early trading as a result.
The London-listed business told shareholders that revenues grew by 3% to £417 million for the three months to September, compared with the same period a year earlier.
It represents the first rise in quarterly sales for the business since early 2022 – before it had snapped up William Hill non-US business in a roughly £2 billion deal.
The rise was supported by strong international growth and positive trading in its gaming business but was partly affected by “customer-friendly” sports results in September.
Evoke said these results knocked its group revenues by around £17 million.
The firm’s online business grew 8% over the quarter as it continued to drive growth through its core markets.
In the UK and Ireland, online revenues grew by 3% as stronger gaming revenues helped to offset weakness in betting, which was partly linked to unfavourable British football results last month.
Meanwhile, its international arm saw revenues lift by 14% as it benefited from strong trade in Italy, Spain, Denmark and Romania.
The group’s physical retail stores saw further decline in the quarter, reporting a 9% drop in revenues.
Nevertheless, Per Widerstrom said he has been pleased with the group’s turnaround progress, a year after he took over as chief executive.
Mr Widerstrom said: “I have now been in position for a year, and I am pleased that the turnaround of the business is working, with the first quarter of revenue growth since Q1 2022 and positive underlying trends.
“We are achieving our plans to improve trading in the short-term, while simultaneously radically transforming the group’s capabilities for the long-term.
“We are moving decisively and at pace to position evoke for long-term growth, and I look forward to providing further updates about our progress in the coming months.”
Shares in the company moved 1.2% higher in early trading.