- The gambling firm’s revenue tipped up by 2% to £437m in the first quarter
William Hill’s parent company enjoyed a slight uptick in turnover during the last quarter despite a weaker domestic result.
Evoke revealed its revenue tipped up by 2 per cent at constant currency rates to £437million in the three months ending March.
International sales jumped by 14 per cent following bumper performances across its core markets, which include Italy, Spain, and Romania, where it bought the Winner.ro website in a €10million deal.
This offset a modest drop in online trade in the UK and Ireland, which Evoke blamed on the introduction of safer gambling measures hitting sports revenues.
Britain’s Gambling Commission brought in tougher restrictions last year requiring betting operators to verify the age and identity of all customers before allowing them to deposit funds.
More recently, it has begun forcing bookmakers to reduce the speed and intensity of online gambling products and conduct vulnerability checks on players who bet over £150 per month.
Result: William Hill owner Evoke enjoyed a slight uptick in turnover during the last quarter
Evoke also said higher promotional activity levels led to a 21 per cent decline in active players, while first-quarter sales at its betting shops shrank by 6 per cent.
However, the group still noted its adjusted earnings before nasties were ‘significantly higher’ year-on-year, while overall year-to-date turnover was up 4 per cent.
The London-based company anticipates revenue growth this year to be somewhere with its mid-term target of a 5 to 9 per cent increase.
Per Widerström, chief executive of Evoke, said the performance ‘reflects the group’s significantly more efficient operating model and our clear focus on creating value through sustainable, profitable growth.’
He added: ‘Whilst the UK&I online and retail performance was behind where we wanted to be in Q1, we have moved swiftly to improve some of the underlying drivers of the performance and have been seeing stronger trends in April.’
Previously called 888 Holdings, Evoke launched a new strategy last year that includes plans to focus on its core markets and cut costs by investing in artificial intelligence and automation.
It followed a highly turbulent period marked by subdued overseas trade, tougher gambling rules, and the departure of chief executive Itai Pazner amidst failures in the firm’s anti-money laundering processes.
Russ Mould, investment director at AJ Bell, said: ‘Regulatory pressures remain an ongoing issue for Evoke and other operators.
‘Having retreated from the US market, after struggling to build sufficient scale across the Atlantic, Evoke is missing a growth driver enjoyed by some of its UK-listed peers.’
Evoke shares were 0.7 per cent up at 48.3p on Friday morning, although they have still declined by around 40 per cent in the past year.
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .