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Evoke delivers fifth straight quarter of YOY revenue growth
(Sharecast News) - Bookmaker Evoke said on Tuesday that it had delivered its fifth consecutive quarter of year-on-year revenue growth, with all three operating divisions delivering gains in the three months ended 30 September.
Evoke said group revenues rose 5% to £435m, or 4% on a constant currency basis, supported by a return to growth in its retail segment.
In the UK & Ireland, online revenue edged up 1%, with an 8% rise in sports offset by a 2% decline in gaming. Evoke also noted that its 888 brand's performance continued to weigh on growth, as marketing spend was reduced to prioritise higher returns. International revenue rose 8%, led by double-digit growth in Italy, Denmark and Romania, partially offset by softer trading in Spain and non-core markets.
Retail revenues climbed 6%, with balanced growth across sports and gaming, the latter supported by the rollout of new gaming cabinets.
Evoke also noted that it had completed a successful refinancing of its 2027 euro fixed-rate notes, issuing new 8.0% notes due 2031 amid strong investor demand. The move, alongside updated hedging arrangements, was expected to deliver around £5m in annualised cash interest savings, with no major maturities now due until 2028.
Chief executive Per Widerström said: "During Q3 we continued to execute against our strategy which is transforming our long-term competitive capabilities and building a more efficient and profitable business.
"We have clear plans in place to support an improvement in revenue during Q4 through continued acceleration in product enhancements, including retail sports and our recently launched new William Hill Vegas app. We are also making ongoing improvements to our customer lifecycle management capabilities. Alongside this, the improvements we have made to the operating model and efficiencies in our cost base mean we remain confident of achieving our implied Adjusted EBITDA guidance, which would outperform market expectations."
Reporting by Iain Gilbert at Sharecast.com
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