Evoke FY2024 results are in—and the company says it’s back to growth. After a bumpy first half, H2 made a strong comeback. The betting and gaming group, known for William Hill, 888, and Mr Green, beat EBITDA guidance and says 2025 is on track.

  • Evoke FY2024 results show a return to revenue growth for the first time in three years. Group revenue grew 3% to £1,754.5m, helped by strong online performance and a 6%cc increase in Core Markets, which now make up about 90% of group revenue.

  • UK&I Online grew 5% overall and 10% in H2.

  • International Online revenues rose 10%cc, with 25%cc growth across international Core Markets (UK, Italy, Spain, Romania, and Denmark).

  • UK Retail fell 5% due to tough comparatives but saw sequential improvement in H2. The rollout of new gaming cabinets completed in March 2025 and showed positive early signs.

  • Adjusted EBITDA reached £312.5m for FY2024, a 4% rise year-on-year and about £2m above previous guidance. H2 alone delivered £197m in adjusted EBITDA—up 71% from H1 and 33% year-on-year. The adjusted EBITDA margin improved to 17.8% for the year and 22.1% in H2, driven by revenue growth and tight cost control.

  • Reported EBITDA dropped 9% due to £79.3m in exceptional costs from the exit of US B2C operations and integration expenses.

  • Loss after tax  (reported, not adjusted) widened to £191.4m, impacted by higher finance costs and a tax charge in 2024 compared to a credit in 2023. Adjusted loss after tax stood at £28.8m.

  • Cost optimisation delivered over £30m in recurring savings and an extra £15m in H2, of which £8m is recurring. Marketing returns improved in H2 under new commercial leadership.

  • In 2024, evoke launched its value creation plan and rebranded under a unified identity. The transformation included a streamlined leadership team, better data use, and AI-led automation. These changes helped increase average revenue per user by 6%.

  • The company expanded into Romania by acquiring Winner.ro in Q4, creating a fifth core market. Product improvements like new features in the William Hill app and repositioning of Mr Green helped boost customer experience and market share.

  • Q1 2025 is expected to see low single-digit revenue growth, with headwinds from safer gambling changes, leap year impact, and softer Q4 carryover. However, Q1 Adjusted EBITDA is forecast to rise by £18m–28m from Q1 2024.

  • For FY2025, evoke maintains guidance of 5–9% revenue growth and an adjusted EBITDA margin of at least 20%. Further cost savings of £15–25m are expected to offset wage-related headwinds. Deleveraging is on track, aiming to go below 5.0x in 2025 and below 3.5x by 2027.

  • CEO Per Widerström said: “I was delighted to see the results of our transformation start to materialise during the year… delivering a step change in profitability.” He added that evoke remains focused on its five core markets and confident in its strategy for 2025.

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