Evoke returns to growth for first time in seven quarters

18th Oct 2024 07:53

(Sharecast News) - Gambling and gaming company Evoke has registered its first quarter of year-on-year growth for the first time since early 2022, helped by double-digit growth online in its core markets.

The group, formerly known as 888 Holdings, reported revenues of £417m in the third quarter ended 30 September, up 3% on last year despite customer-friendly sports results during September, which impacted revenue by £17m.

Average monthly active customers were flat year-on-year at 1.65m.

Online revenues grew by 8%, but increased 11% in the company's core markets, which represent 85% of total online turnover.

However, retail revenues were down 9% due to weaker-than-expected betting net win margins due to customer-friendly results and market-share losses in gaming.

"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," said chief executive Per Widerström.

Year-to-date revenues are now down just 1% following a 2% top-line decline in the first half.

"We are achieving our plans to improve trading in the short-term, while simultaneously radically transforming the group's capabilities for the long-term," Widerström said.

Evoke made no change to guidance for revenue growth of 5-9% in the second half.