Evoke Group Plc, a UK-based betting company, has seen its share price increase by 4.7% to 57.3 pence, making it the top gainer on the FTSE Small Cap index. The company attributed this rise to a positive start to the second half of the year, with revenue growth in the third quarter up to 10 August remaining consistent with the 5-9% target range set for the period.
Evokeâs announcement followed a strong first-half performance, with revenue up 4% sequentially. Despite the positive outlook, however, both revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 2% and 26% year-on-year, respectively.
Despite this decline, the company has maintained its full-year outlook, reassuring investors about its trajectory for the remainder of 2024. Prior to the recent gains, Evokeâs share price had fallen by approximately 43% year-to-date.
This positive update follows a period of uncertainty in the UK betting sector, which has been impacted by regulatory changes and rising costs. Evoke's ability to maintain revenue growth in the face of these challenges has given investors confidence in the company's future prospects.
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