Evoke Reports FY2024 Revenue Growth and Strong H2 Profitability Amid Strategic Transformation
Evoke, the parent company of William Hill, 888, and Mr Green, has posted solid preliminary unaudited financial results for the fiscal year ending 2024, returning to top-line growth for the first time in three years. Group revenue rose 3% year-on-year to £1.75 billion, driven by digital performance and operational transformation.
Online Growth Powers Recovery
Evoke’s online segment was the primary growth driver, with 12% constant currency growth in H2 across its core markets. The UK & Ireland online division saw a 10% boost in H2, aided by strong sporting results in Q4, while international online revenue rose 10%, underpinned by a 25% surge in key non-UK territories.
Core markets—UK, Italy, Spain, Denmark, and Romania—now contribute roughly 90% of total group revenue.
H2 Profitability Rebounds on Cost Optimisation
The group’s transformation strategy delivered visible results in the second half of FY2024. Adjusted EBITDA jumped 71% half-on-half, lifting the H2 margin to 22.1%, and full-year profitability above previous guidance.
Evoke implemented a £30 million cost optimisation programme, with an additional £15 million in savings realised in H2. Marketing efficiency improvements and better customer segmentation contributed to a 6% increase in ARPU (average revenue per user).
Transformation Costs Weigh on Bottom Line
Despite operational gains, Evoke reported a £191.4 million post-tax loss, widened from £65.2 million in FY2023. The result reflects £79.3 million in one-off charges, primarily linked to its exit from the US B2C market and transformation-related restructuring.
Finance expenses rose, and a tax credit from 2023 shifted to a tax charge in 2024. Reported EBITDA dropped 9% to £230.6 million, while adjusted earnings per share fell to a loss of 6.4p.
Strategic Milestones and Core Market Focus
FY2024 marked a pivotal year for Evoke, highlighted by its rebrand from 888 to Evoke in May 2024. This change signals a broader cultural shift aimed at aligning operations under a single identity.
Strategic highlights include:
Sale of US B2C business to Hard Rock Digital
Acquisition of Winner.ro, solidifying Romania as a core market
Nationwide gaming cabinet upgrade completed in Q1 2025
Enhanced product offerings, such as a new Bet Builder and William Hill racing features
Mr Green repositioning in Denmark, driving 24% growth
Outlook for FY2025: Focus on Margin and Deleveraging
Evoke forecasts 5–9% revenue growth in FY2025, with an adjusted EBITDA margin of at least 20%. Q1 growth is expected to be modest due to regulatory impacts and leap year timing, but adjusted EBITDA is set to increase by £18–£28 million compared to Q1 2024.
The company is targeting a further £15–£25 million in cost savings to counter rising costs, such as higher UK National Insurance contributions and Living Wage adjustments.
Leverage was reduced from 6.7x to 5.7x in H2 2024, with plans to bring it below 5.0x by end-2025 and below 3.5x by 2027.
Leadership Commentary
CEO Per Widerström commented:
“We are now laser-focused on our core markets and on building long-term competitive advantages through data, automation, and an enhanced product pipeline.”
Conclusion
Evoke’s FY2024 results reflect a return to sustainable growth and operational strength, particularly in the second half of the year. With transformation costs largely behind it and a focus on core markets, product innovation, and efficiency, the company is well-positioned for continued profitability and strategic progress in FY2025 and beyond.