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Evoke, the parent company of William Hill, 888, and Mr Green, reported its strongest quarterly performance of fiscal year 2025 in Q4, driven by gaming growth across its U.K., Retail, and International divisions despite a decline in betting revenue.
Q4 Revenue Reaches £464 Million
The company posted Q4 revenue of approximately £464 million ($635 million), representing a 7% increase quarter-over-quarter. Year-over-year revenue declined 3% (4% in constant currency) due to difficult prior-year comparisons with operator-favorable sporting results.
Gaming emerged as the primary growth driver, with revenue increasing 9% year-over-year. The company recorded growth across all divisions, including 888casino’s return to growth in the U.K. market. Retail gaming revenue climbed 10% year-over-year, while International gaming revenue jumped 14%.
Betting revenue fell 22% year-over-year for the group, reflecting the strength of the prior-year comparison period.
Full-Year Results Show Margin Improvement
Evoke expects FY25 revenue of approximately £1.79 billion ($2.45 billion), representing 2% year-over-year growth. Adjusted EBITDA is forecast between £355 million ($486 million) and £360 million ($493 million), marking a 14-15% year-over-year increase.
The projected adjusted EBITDA margin of approximately 20% aligns with previous guidance and reflects the company’s focus on cost discipline and execution across core markets.
Share Price Declines Following Results
Evoke shares opened at 26.05p on Tuesday, down approximately 5% from Monday’s close of 27.35p. By mid-morning trading in London, shares had declined nearly 8% from the previous close.
Strategic Review Continues After Tax Changes
The company confirmed its board continues reviewing strategic options following the U.K. government’s November Budget, which increased gambling taxes. The review includes the potential sale of the group or selected assets, though Evoke stated it would not provide forward-looking financial guidance while the process remains ongoing.
The company said it will update the market when appropriate and plans to publish full-year results in due course.
CEO Highlights Progress While Addressing Tax Concerns
CEO Per Widerström acknowledged the company’s quarterly progress:
“During Q4, we made good progress against our strategic plans, delivering our best quarter of the year and demonstrating the underlying momentum in the business.”
Widerström identified Italy and Denmark as standout markets, both delivering record quarterly revenues in Q4.
“This positive momentum has continued into 2026 with a strong start to the year, with good growth across all divisions,” he added.
However, the CEO expressed concern about the U.K. Budget’s impact on the market:
“We were very disappointed with the outcome of the UK Budget in November that dealt a significant blow to both evoke and the wider regulated industry.”
Widerström warned of broader consequences from the tax increases:
“We continue to believe these tax increases will negatively impact the industry’s economic contribution, customer protection, and will ultimately serve to support further growth in the illegal black market.”
The company has begun implementing mitigation measures, including closing retail stores that are no longer economically viable. Evoke previously indicated this could affect up to 200 William Hill retail locations.
“We have moved quickly and decisively to execute on our mitigation plans, including the closure of retail stores that are no longer sustainable as well as broader cost savings,” Widerström stated.
Source: Evoke
