William Hill owner Evoke sets fresh revenue targets amid FY2024 success

Imago

Evoke has updated its projected earnings for FY2024 amid improved growth across each of its core markets. The operator, which owns William Hill and Mr Green, reported a year-on-year growth of 12-13% in Q4 2024 – surpassing expectations set by the group earlier in the year. 

The gambling conglomerate also details 16-17% revenue growth for the entire year, credited primarily to Evoke’s focus on online development. A company-wide group strategy sits at the heart of these results, as CEO Per Widerstrom leads the charge towards an AI-based business model.

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Evoke now sets out a revamped H2 revenue target of 8%, which sits on the higher end of the 5-9% projection previously outlined by the UK-based brand. 

These figures showcase Evoke’s strength in the modern gaming market as competitor and owner of Ladbrokes Coral, Entain, communicated disappointing FY2024 results. Unlike Evoke, Entain has pulled back on its revenue expectations, citing poor US performance following its entry into the fledgling American sports betting market. 

A sound business structure founded on sound cost management and improved operating efficiency sees Evoke update its EBITDA (earnings before interest, tax, depreciation and amortisation) forecast – which now stands close to the £310m mark. Previously, Evoke had earmarked EBITDA to land between £300m and £310m. This latest fiscal report has given confidence to and bolstered those predictions. 

According to Evoke, which also owns 888 among other key ventures, financial performance is “well ahead of market expectations”. Recent share price figures corroborate such a statement – Evoke’s market value jumped 11.6% between 16 January and 17 January. At up to £0.76 per share, the organisation has not hit such heights since summer 2024. Major rival Entain saw 4% growth in this department.

Reflecting on Evoke’s positive performance, CEO Per Widerstrom said: 

"I am pleased to report that the improving trends we announced in Q3 further strengthened into Q4 with the business delivering double-digit revenue growth. As a result, revenue in the second half was at the high end of our 5-9% target growth range. While we were helped by some operator-friendly sports results in Q4, the significantly improved underlying momentum in the business gives me real confidence that the turnaround is working and we are well positioned to continue our growth trend into 2025.”

“Alongside the stronger trading performance, we continue to progress with transforming the Group's capabilities for the mid- and long-term as we strengthen our competitive advantages, in particular better aligning our leading brands and products to a clearer customer value proposition. This turnaround is all supported by a clear market strategy, with our five core markets representing approximately 90% of our Q4 revenue. We are implementing a disciplined strategy with operational excellence to drive improved profitability and enable deleveraging.”

Widerstrom also spoke of further progress in 2025, saying: “2024 was a pivotal year as we started to implement our new strategy for success, radically transforming almost every area of the business, and moved decisively and at pace to position Evoke for mid- and long-term profitable growth. We go into 2025 with improving momentum as we continue to execute against our value creation plan. I look forward to outlining our progress and plans in more detail in March."