Evoke Q4 revenue shows green shoots as board advances with strategic review
The William Hill operator’s revenue was up sequentially but down against a strong prior-year period.
UK.- Evoke Plc, the operator of William Hill (Europe), 888, and Mr Green, has reported fourth-quarter revenue of £464m. That’s a 7 per cent increase from the previous quarter but a 3 per cent decline year-on-year (4 per cent on a constant currency basis), largely due to unusually favourable sporting outcomes in the prior year.
Gaming revenue was up by 9 per cent year-on-year, with 888casino returning to growth in the UK and gains of 10 per cent in Retail and 14 per cent in International operations. Italy and Denmark performed particularly well, both achieving record quarterly revenues. However, group betting revenue was down 22 per cent compared with the same period last year due to the strong prior-year comparison.
Looking ahead, Evoke projects full-year 2025 revenue of £1.79bn, which would represent 2 per cent growth. Adjusted EBITDA is expected to fall between £355m and £360m, an increase of 14 to 15 per cent. That would imply a margin of around 20 per cent, consistent with earlier guidance.
The company attributed improved profitability to tighter cost controls and disciplined execution in its core markets. As disclosed in December, Evoke’s board is evaluating strategic options in response to the rise in UK gambling taxes from April, including the possibility of a sale of the group or certain assets. The company previously indicated that it may close as many as 200 William Hill betting shops.
Evoke has said it will not issue forward-looking guidance while the process is underway but will update investors when appropriate and release full-year results in due course.
CEO Per Widerström said: “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.”
However, he described the UK Autumn Budget as a “significant blow to both Evoke and the wider regulated industry.” He added “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.”
“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 said.
