William Hill parent company Evoke reports strong progress despite impact from sports results

William Hill's parent company Evoke took a hit from customer-friendly results in September but has still delivered strong progress according to chief executive Per Widerstrom.

Group revenue in the third quarter of £417 million was three per cent ahead of the same period last year, according to a trading update issued on Friday morning, Evoke's first quarter of year-over-year growth since the first three months of 2022.

Evoke reported a ten per cent growth in gaming but that was partially offset by sports results during September which impacted group revenue by around £17m.

The UK and Ireland online division produced three per cent revenue growth, with a 12 per cent increase in gaming offset by betting with results, especially in football, impacting revenue by around £10m. In retail revenues were down nine per cent.

Evoke's international division produced 14 per cent revenue growth driven by the markets in Italy, Spain, Denmark and Romania.

The company, formerly known as 888 Holdings, had been struggling in recent months and issued a profit warning in July.

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."

Widerstrom described Evoke's online business as a "clear growth engine for the group" and said revenue growth had been underpinned by a strategy of focusing on core markets supported by  product investments.

He added: "I am pleased to report a strong quarter of progress as we continue to implement our strategy for success and deliver our value creation plan. 

"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."

Evoke reiterated previous guidance that revenue would grow by five to nine per cent in the second half of the year.

The company's share price was up slightly at 58.05p on Friday afternoon.

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