Evoke has issued its post-close trading update for the year ended 31 December 2025, reporting its strongest quarterly performance in Q4 and confirming expectations for full year revenue and earnings.
The group, which operates global brands such as William Hill, 888 and Mr Green, recorded Q4 revenue of approximately £464m, a 7% rise quarter on quarter although 3% lower year on year due to unusually favourable sporting results in the prior period.
Growth was driven by gaming, which rose 9% year on year. All divisions recorded gains including a return to growth for 888casino in the United Kingdom and strong performances in Retail up 10% and International up 14%. Betting revenue declined 22% year on year as the group cycled a strong comparative period.
For FY25, the operator expects revenue of about £1.786bn, representing 2% growth. Adjusted EBITDA is projected at between £355m and £360m, an increase of roughly 14 to 15%. Management said this reflects continued focus on profitable growth and cost efficiencies with an estimated EBITDA margin of about 20%.
The company is also progressing with its strategic review, announced in December 2025, which is examining a range of potential alternatives to maximise shareholder value. Reports indicate that Betfred and Bally’s have emerged as possible suitors as the group considers a potential handover of its William Hill retail assets. From a strategic perspective Betfred is viewed as one of the few viable operators in the UK retail betting market, while Bally’s is said to be assessing wider M&A opportunities.
Chief Executive 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. Our focus on core markets continued to drive our profitable growth, with Italy and Denmark 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.
While the strong strategic and financial progress we made throughout 2025 was encouraging, 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. 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. As a result of these significant UK tax increases, the Board is assessing its strategic options, with a resolute focus on maximising shareholder value.
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, and we will update shareholders on our progress and updated strategic plan in due course."
The board is reviewing strategic options that may include a sale of the group or selected assets
