Evoke posts full-year revenue growth of 3% for FY2024 as transformation plan lifts H2 profitability

Key points:  

– FY2024 revenue rose 3% year-on-year to £1.75bn; adjusted EBITDA up 4% to £312.5m  

– H2 adjusted EBITDA rose 71% half-on-half, with margin reaching 22.1% 

– Group reported a post-tax loss of £191.4m due to exceptional costs and increased finance charges  

Evoke, the parent company of William Hill, 888 and Mr Green, has returned to top-line growth for the first time in three years, reporting a 3% year-on-year increase in FY2024 revenue to £1.75bn ($2.25bn).  

The online segment was the main growth driver, with 12% constant currency growth across core markets in the second half of the year.  

UK & Ireland online operations increased 5% across FY2024 and 10% in H2 alone, aided by favourable sports results in Q4. 

International online revenue grew 10% on a constant currency basis, with a 25% increase across its key non-UK markets. Core markets – the UK, Italy, Spain, Denmark and Romania – now account for approximately 90% of total revenue.  

H2 profitability surges amid cost optimisation  

Adjusted EBITDA for FY2024 rose 4% to £312.5m, narrowly exceeding earlier guidance. The transformation became particularly evident in the second half, with adjusted EBITDA up 71% from H1 and 33% year-on-year to £197m.  

Margin expansion in H2 lifted the full-year figure to 17.8%, with a 22.1% margin in the final six months.  

Cost-saving initiatives played a key role. A £30m cost optimisation programme was delivered across the year, with a further £15m realised in H2.  

These initiatives, coupled with improved marketing efficiency, reportedly underpinned the return to profitability. 

ARPU rose 6% across FY2024 following enhancements in segmentation and customer lifecycle management.   

Reported losses reflect one-off transformation costs  

Despite the operational improvements, Evoke posted a reported loss after tax of £191.4m, widened from £65.2m in 2023. 

This was reportedly largely due to £79.3m in exceptional charges tied to the exit of its US B2C business and transformation-related costs. 

Increased finance expenses and a shift from a tax credit in 2023 to a tax charge in 2024 also impacted the bottom line.  

Reported EBITDA declined 9% to £230.6m, while adjusted earnings per share fell to a loss of 6.4p. However, adjusted financials exclude one-off costs and reflect the underlying improvement in business fundamentals.  

Strategic execution and core market focus   

The rebranding from 888 to Evoke in May 2024 marked a broader cultural and strategic reset, aiming to unify the business under one identity and build long-term value. 

Key milestones included the sale of Evoke’s US B2C assets to Hard Rock Digital and the acquisition of Winner.ro, establishing Romania as its fifth core market.  

Retail revenue declined 5% against tough comparatives, but a nationwide gaming cabinet upgrade was completed in Q1 2025. 

Product updates, including an improved Bet Builder and new William Hill racing features, supported user engagement, alongside a repositioned Mr Green brand in Denmark which delivered 24% growth.  

2025 outlook: margin expansion and debt reduction  

Looking ahead, Evoke expects FY2025 revenue to grow between 5% and 9%, with an adjusted EBITDA margin of at least 20%. 

While Q1 growth is anticipated to be in the low single digits due to regulatory adjustments and leap year effects, adjusted EBITDA is forecast to rise £18m–£28m versus Q1 2024.  

The group continues to target additional cost savings of £15m–£25m in 2025, offsetting expected regulatory headwinds from UK National Insurance and Living Wage increases. 

Leverage was reduced from 6.7x to 5.7x in H2 2024 and Evoke plans to reduce this further to below 5.0x by the end of 2025 and ultimately below 3.5x by 2027.  

CEO Per Widerström said the group is now “laser-focused” on its core markets and building long-term competitive advantages through data, automation and an improved product pipeline.