William Hill’s parent company Evoke, formerly 888 Holdings, has endured a tough start to 2024, with earnings dropping 67% for the first six months of the year.
net loss extended to £143m ($184m)
This year-on-year decline meant that earnings before interest, tax, depreciation, and amortization (EBITDA) fell from almost £131m ($168m) to less than £44m ($57m). Revenue decreased 2% to £862m ($1.1bn) and the net loss extended to £143m ($184m) from £32.5m ($42m).
Evoke embarked on a new strategic approach to its business operations in March to try to deliver long-term profits by streamlining processes and becoming more efficient across its operations.
The company’s goal for the latter half of 2024 is to grow revenue by as much as 9% and to improve profitability by reaping the benefits of £30m ($39m) in cost-cutting measures. It also plans to narrow its marketing focus and will fully exit the US market.
Talking about the H1 results, Evoke CEO Per Widerström said they were “disappointing” and lagged behind the initial plan. He believes the changes are working and it will take time to completely transform the business. With a clear plan and strategy in place, Widerström is confident about the future.
