Evoke Posts Strongest Quarter of FY25 as Gaming Growth Lifts Margins
Evoke delivered its strongest quarter of 2025 in Q4, as gaming growth across its U.K., Retail, and International divisions lifted full-year margins despite a sharp decline in betting revenue against a tough comparative.
The William Hill, 888, and Mr Green owner said Q4 revenue reached approximately £464 million ($635 million), up 7% quarter over quarter. However, that was down 3% (4% in constant currency) year over year (YoY) due to tough prior-year comps with operator-friendly sporting results.
Gaming was the clear driver of the quarter, with revenue up 9% year over year. Evoke said growth was recorded across all divisions, including 888casino returning to growth in the U.K., alongside double-digit increases in both Retail (10% YoY) and International (14% YoY).
Betting revenue fell 22% YoY for the group, reflecting the strength of the prior-year comparison.
As a result, Evoke expects FY25 revenue of approximately £1.79 billion ($2.45 billion), representing 2% YoY growth. Adjusted EBITDA is forecast in the range of £355 million ($486 million) to £360 million ($493 million), an increase of around 14–15% YoY. That implies an adjusted EBITDA margin of roughly 20%, in line with prior guidance.
The company said the improved profitability reflects its focus on cost discipline and execution across core markets.
Shares Fall in Early Trading
Shares in Evoke opened at 26.05p on Tuesday, down around 5% from Monday’s close of 27.35p. By mid-morning in London, shares were trading nearly 8% lower than Monday’s close.
Strategic Review Ongoing After UK Tax Changes
As previously disclosed in December, Evoke confirmed that its board continues to review 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 the company said it would not provide forward-looking financial guidance while the process remains ongoing.
Evoke said it will update the market when appropriate and will publish its full-year results in due course.
CEO Cites Momentum but Warns on UK Tax Impact
CEO Per Widerström noted the company’s progress in the quarter.
“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 highlighted Italy and Denmark as standout markets. Both delivered record quarterly revenues in Q4 and said the momentum has continued into the new year.
“This positive momentum has continued into 2026 with a strong start to the year, with good growth across all divisions.”
However, he said the U.K. Budget materially altered the market outlook.
“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 added that Evoke believes the tax increases will have broader consequences.
“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 CEO said the company has already begun implementing mitigation measures, including closing retail stores that are no longer sustainable. The group has previously said this could include 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.”
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