888 Holdings has officially rebranded as Evoke Plc, following approval from the shareholders of the LSE gambling group.
During yesterday’s Annual General Meeting (AGM), shareholders overwhelmingly supported the name change to Evoke Plc, with a resounding 99.7% in favor. The decision to alter the identity of the LSE gambling group was initially proposed in March alongside the release of the firm’s full-year 2023 results.
Evoke Plc was put forward by the board to mirror the company’s reorganization efforts and its expanded portfolio of global gaming brands, which now includes William Hill and Mr Green.
By transitioning 888’s identity to Evoke, the board aligns with the objectives outlined in the firm’s Value Creation Plan (VCP), a strategy aimed at restructuring the group’s operating model to achieve sustainable profitability. Spearheaded by new CEO Per Widerström, who assumed leadership in October, the VCP strategy targets the elimination of inefficiencies and enhancement of financial performance accountability.
Key objectives of the VCP include achieving $37,6 million in annual cost savings. Additionally, Evoke anticipates revenue growth to resume on a year-on-year basis from the second quarter of 2024 onwards, with full-year revenue growth projected to align with the mid-term target of 5-9% annual growth.
In pursuit of performance-driven goals, Evoke aims to regain market share growth in key regions such as the UK, Italy, Spain, and Denmark. The initial steps of the VCP strategy involved terminating the US-facing SI sportsbook with Authentic Brands Group, with a closure agreement valued at $50 million.
While Q1 trading results showed promising group revenues of $541,1 million, surpassing the guidance range of $527–539 million, concerns persist regarding the performance of William Hill’s retail unit. The unit reported continued revenue declines of -7%, attributed to organizational restructuring and reduction of UK estates.
Evoke concluded Q1 trading by announcing the refinancing of $502 million of senior secured debt notes, a transaction aimed at supporting the VCP objectives of deleveraging the firm’s debt ratio to 3.5x by the end of 2026 trading.
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