888 Shareholders Approve New Evoke Identity
Weeks after announcing its rebrand and 2023 financial results, 888 Holdings has officially adopted the new name, Evoke plc.
Once the rebranding is complete, 888 will debut on the London Stock Exchange (LSE) under the new symbol EVOK (Source: Brimbus, Pixabay).
LISTEN TO THIS ARTICLE:The rebrand was formally approved by shareholders following a vote at 888's annual general meeting (AGM) held yesterday. The results showed overwhelming support for the transformation, with 284,646,548 votes in favor, 595,372 against, and 24,741 abstentions.
Once the rebranding is complete, 888 will debut on the London Stock Exchange (LSE) under the new ticker symbol EVOK. In an official statement, the company stated that Evoke represents a symbol of its new direction that "builds on our strengths and allows us to move forward as one multi-brand group with a united strategy, vision, and identity."
888 further stated that the new name reflects its mission "to make life more interesting by delighting players with world-class betting and gaming experiences."
In its first announcement in March regarding the rebranding, 888 asserted that the move is part of a larger strategy to improve profitability. The plan includes six strategic initiatives, which commenced with the appointment of 888 CEO Per Widerström last year and the strengthening of the executive team.
At the AGM, Per Widerström was elected by shareholders as a director of the board. Additionally, Ernst and Young LLP and EY Limited were re-appointed as the company's auditors.
The second initiative will see Evoke utilize AI to enhance its daily operations.
More Business News
888 2023 Financial Year Report
In its published FY2023 results, 888 reported revenue of £1.70 billion, an increase of 37.1% compared to £1.24bn in 2022. Net loss amounted to £56.4 million, a significant reduction from the £120.5 million loss incurred a year earlier. Basic loss per share from continuing operations decreased by half, from £0.283 in 2022 to £0.126.
Adjusted EBITDA reached £308.3 million, a 41.48% rise year-on-year. Adjusted EBITDA margin was 18.0%, aligning with the previously guided range of 18% -19% announced in January's trading update.
In the year, the UK and Ireland maintained their position as the primary driver of the company's income, accounting for £658.5 million of the total revenue.
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