Evoke stock spikes as CEO snaps up 900,000 shares
Per Widerström gives his vote of confidence with share purchase as chair Lord Mendelsohn and board member Limor Ganot also bolster personal shareholdings
Evoke CEO Per Widerström has bought 900,000 shares in the London-listed operator, sending its stock price soaring more than 8% this morning.
The exec purchased 900,000 ordinary shares at a price of 55.1p each to take his total shareholding in the 888 and William Hill parent company to 2,966,535 shares.
The single transaction was completed yesterday, 15 August, as evoke also confirmed its H1 trading performance following its July update.
A 2% revenue dip to £862m coupled with a 26% decline in adjusted EBITDA saw Widerström describe the first six months of the year as “disappointing”.
However, the Swede did reveal that early Q3 performance indicated evoke was operating on the 5% to 9% revenue increase aim laid out for H2 2024.
H2 revenue is expected to land between £871m and £904m against H2 2023’s revenue of £829m, with marketing spend to fall by up to £40m against H1.
Widerström said: “We have a clear plan, vision and financial targets. As a result of our strategic progress and the enhancements already made to the business, I am even more confident about delivering our value creation plan and driving sustainable profitable growth over the coming years.”
Evoke’s share price is up 7.8% to 59.45p, but remains down 34.9% in the year-to-date. The firm’s stock did spike as much as 15% in early trading.
Evoke chair Lord Mendelsohn has also heavily backed the operator after acquiring a further 250,000 ordinary shares in the business.
The Labour peer, who served as evoke’s de facto CEO last year ahead of Widerström’s arrival in October, acquired the shares at a price of 55.2p yesterday.
The transaction means that Lord Mendelsohn now holds a total of 500,000 ordinary shares in the company.
In addition, board member Limor Ganot acquired 87,536 shares in the business as she took a stake in the company.
Ganot, who sits on the audit and risk, nominations, and renumeration committees, acquired the share in two tranches.
The first saw her acquire 33,900 shares for 55p before adding 53,636 shares for 54.8p.
Evoke noted the aggregated volume of 87,536 shares equated to an average price of 54.9p.