Evoke has announced preliminary full-year 2025 revenue of around £1.8bn, representing a 2% year-on-year (YoY) increase for the London-listed business.
Adjusted EBITDA is expected to land between £355m and £360m, which management said would be a rise of between 14% to 15% YoY.
Evoke stated that the increase “would be in line with market expectations and would represent an adjusted EBITDA margin of approximately 20%, in line with prior guidance”.
The statement triggered a sell-off of evoke shares in London, with the stock down more than 10% to under 25p immediately after the market opened.
The slight full-year top-line gain was helped by evoke reporting approximate Q4 revenue climbed 7% quarter on quarter to £464m – marking the strongest three month-period of last year for the business.
However, Q4 revenue was still down 4% in constant currency YoY due to the “strong comparative period with operator friendly sporting results in the prior year”.
During Q4, gaming revenue rose 9%, though betting revenue slumped 22% overall.
Evoke, which owns William Hill, 888 and Mr Green, added that retail (+10%) and its international arm (+14%) also reported increases in revenue.
On the ongoing strategic review, which could lead to a full sale or breakup of the business, evoke said it would not be appropriate to provide forward-looking guidance as a result.
“The group will update the market on the progress of the strategic review when and if appropriate and will issue its full year results in due course,” bosses added.
Evoke’s shares leapt last week on rumours that Bally’s and Betfred were circling to take parts of the business.
As part of the review, management confirmed that some retail shops had already closed as part of its mitigation plans.
During the Autumn Budget announcement in November, Chancellor Rachel Reeves announced remote gaming duty will surge from 21% to 40% from April, while remote general betting duty will go from 15% to 25% as of April 2027.
Evoke has said the increases could see its total duty costs increase by £135m.
On the trading update, Per Widerström, evoke CEO, 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.”
On the Budget outcome, the evoke boss added: “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.”
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William Hill, 888 and Mr Green parent says Q4 was its best-performing quarter last year, yet tough sports betting comps were a drag on igaming gains
The post Evoke reports 2% uptick in FY 2025 revenue despite strong Q4 first appeared on EGR Intel.