William Hill owner slumps after first-half profits miss targets
Evoke, which was rebranded from 888 earlier this year, said it saw a ‘disappointing’ first half of 2024.
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Your support makes all the difference.The owner of William Hill and 888 said it has fallen behind profit targets after a “disappointing” first half of 2024.
Evoke, which was rebranded from 888 earlier this year, saw shares slide in early trading on Thursday as a result.
The group, which also owns the Mr Green brand, told shareholders its adjusted earnings for the first half of the year are between £35 million and £40 million below its expectations.
It said this came after weaker than expected online revenue growth.
We are undertaking a complete reset and transformation of the business, and the scale of change is significant, but necessary
UK online revenues grew by 3%, driven by a 6% rise in its gaming business.
However, it said online sports betting was knocked by changes to its operations from last year and weaker-than-predicted returns from its marketing and promotions at the start of the year.
Meanwhile, its UK retail business, which includes William Hill shops, saw revenues drop 8% over the six months to June 30, compared with the same period last year.
Evoke has said it hopes to see growth improve on the back of a new strategy launched in March, which will see it focus more on core markets and invest in AI to help drive efficiencies across the business.
Per Widerstrom, chief executive of Evoke, said: “Our strategy defines what good looks like and how we get there, and while no journey is ever straightforward, we have learned a lot already so far this year as we pursue our goals.
“Whilst it is disappointing that the first half financials are behind our plan, the underlying health of the business is getting stronger, and the corrective actions we have already taken make us even more confident that our strategic approach is sound and will achieve sustainable success.
“We are undertaking a complete reset and transformation of the business, and the scale of change is significant, but necessary.
“This transformation will take time but will enhance operational efficiency, leading to a bigger, more profitable and more cash generative business in the future.”
Shares in the business were 9.7% lower at 77.9p on Thursday morning.