ii view: Evoke shares plummet following annual results
Owning known betting and gaming brands and conducting business in both the UK and overseas. Buy, sell, or hold?
26th March 2025 15:49
by Keith Bowman from interactive investor

Full-year results to 31 December
- Revenue up 3% to £1.75 billion
- Adjusted profit up 4% to £313 million
- Reported loss of £191 million, increased from a loss of £65 million in 2023
- No dividend payment for 2024
- Net debt up 2% to £1.79 billion
Chief executive Per Widerström said:
"2024 was a pivotal year for evoke as we launched and implemented our new strategy for success, radically transforming almost every area of the business, and moving decisively to create a more sustainable, profitable and cash generative company.
“2025 is shaping up to be another exciting year for evoke. Our exciting product pipeline, continued UK Retail optimisation programme, and ever-improving capabilities around data and personalisation all reinforce my confidence in making further progress in 2025 as we continue to execute against our plans to create significant shareholder value."
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ii round-up:
Betting and gaming company Evoke (LSE:EVOK) today detailed a near tripling in losses, driven by higher debt interest payments and required restructuring charges following its acquisition of William Hill.
Losses of £191 million in 2024 compared with a deficit of £65 million the year before. Comments on current trading pointed to early year revenue growth in low single digits, which is below management’s estimate for annual growth of 5-9%. Adjusted profit (EBITDA) excluding interest costs rose 4% to £313 million, surpassing Evoke’s previously increased estimate of between £300 million and £310 million.
Shares in the company formerly known as 888 Holdings plummeted by close to a fifth in UK trading having come into these latest results down by a similar amount over the last year. Ladbrokes owner Entain (LSE:ENT) is down by close to a fifth over the last year in contrast to a near 10% gain for US focused Flutter Entertainment (LSE:FLTR). The FTSE Small Cap index is up almost 5% over that time.
Incorporated in Gibraltar and headquartered in London, Evoke owns and operates UK and overseas brands including William Hill, 888, and Mr Green.
Inflated by the previous acquisition of William Hill, Evoke net debt rose 2% year-over-year to £1.79 billion. Evoke’s ratio of net debt to adjusted profit (EBITDA) fell marginally to 5.7 times from 5.9 times in late 2023.
Evoke operates across the three divisions of UK and Ireland online, UK retail, covering 1,331 William Hill betting shops, and International, offering products online in countries including Italy, Spain and Denmark.
A first-quarter trading update is likely to be announced mid-to-late April.
ii view:
Started in 1997, Evoke today employs more than 11,000 people. The group’s UK and Irish online division generated its biggest slug of adjusted profit during 2024 at 42%. That was followed by the international division, focused on Italy, Spain, Romania and Denmark, at 38%. And finally, the Retail business, with the balance of 20%. Evoke’s strategy is now focused on driving profitable and sustainable revenue growth, improving profitability and efficiency, and being disciplined with its use of capital.
For investors, group net debt of £1.79 billion compares to a current stock market value of under £350 million. Unexpected sports results squeezing margins remain an ever-present threat. Potentially increased government regulation and taxes across any of its geographical regions warrants consideration, while the lack of a dividend payment contrasts with an forecast yield of around 3% at Entain.
To the upside, the group’s previous purchase of William Hill gave Evoke a famous brand name as well as expanding its exposure to sports betting. A diversity of brands and geographical operations exists. Potential for further geographical expansion persists, while a recovery/growth strategy continues to be pursued.
On balance, known brand names and established UK and overseas market positions offer appeal, but elevated net debt and losses cannot be overlooked, with Evoke still an investment for higher risk investors only.
Positives:
- A diversity of products and geographical locations
- Possible industry consolidation
Negatives:
- Potential for increased regulation
- Uncertain economic outlook
The average rating of stock market analysts:
Buy
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