Evoke has raised its EBITDA forecast for 2024, expecting the figure to land at the upper end of its original target. This improvement is largely attributed to favourable sports results in the fourth quarter. Additionally, the company forecasts a revenue increase of 12-13% for the same period, primarily driven by continued growth in its online gaming segment.
In an update on the company’s trading, released on 17 January 2025, Evoke outlined several key expectations for the fourth quarter, the second half of 2024, and the full fiscal year. The company, which owns well-known brands such as 888, William Hill, and Mr Green, closed its financial year on 31 December 2024.
Among the most notable expectations is a 16-17% increase in revenues for the fourth quarter compared to the same period last year. The company also highlighted the continued positive growth trends in its core markets, which were bolstered by strong sports results benefiting operators in the fourth quarter. As a result, Evoke anticipates a revenue increase of 8% for the second half of 2024, aligning with the upper end of its previously communicated forecast range of 5-9%.
While Evoke has not yet disclosed full-year revenue figures, it has shared adjusted EBITDA projections. The company expects adjusted EBITDA for 2024 to be at the upper end of its previous guidance of £300 million to £310 million (approximately €355-365 million or $365 million). This is expected to surpass analysts’ consensus forecast of £294 million for the year. The company attributes this positive outcome to “strong cost control and an increasingly efficient operational model.”
CEO Comments on Business Growth
Per Widerström, CEO of Evoke, commented on the company’s continued growth. He noted that the positive trends observed in Q3 carried through into Q4 and are expected to persist into 2025. “Although we benefitted from favourable sports results in Q4, the significantly improved underlying dynamics of the business give me real confidence that the recovery is working,” said Widerström. “We are well positioned to continue our growth trajectory into 2025.”
Widerström also highlighted that Evoke’s continued focus on its core markets is playing a crucial role in the company’s growth. He specifically noted how this has supported the online gaming segment. “We continue to develop the Group’s capabilities for medium- and long-term success, while strengthening our competitive advantages,” said Widerström. “Particularly, we are better aligning our leading brands and products to deliver a clearer customer value proposition.”
“This recovery is underpinned by a clear market strategy, with our five core markets accounting for around 90% of revenue in Q4. We are implementing a disciplined strategy with operational excellence to drive improved profitability and enable debt reduction,” Widerström explained.
He described 2024 as a “turnaround year” for Evoke, stating that the company is now well-positioned for further success in the year ahead. “We enter 2025 with improved momentum as we continue executing our value-creating plan. I look forward to providing more detailed progress and plans in March,” he concluded.
Evoke views 2024 as a “pivot year,” setting the stage for continued growth in the coming year. In 2025, the company plans to further execute its strategy to create value and strengthen its market positions.
