William Hill owner evoke has posted mixed results for the final quarter of 2025 and revealed plans that include the “closure of retail stores that are no longer sustainable.”
The company’s 2025 post-close trading update released to the London Stock Exchange (LSE) reported that Q4 revenue was around $464 million.
It was the strongest quarter of the year with overall revenue up 7% on the previous quarter.
However, it was down 3% compared with the same period in 2024.
A 22% decline in betting revenue was blamed on better than average results achieved in the same quarter last year.
There were strong metrics from evoke’s gaming business that includes brands 888 and Mr Green, with revenue up 9%.
William Hill Shop Closures Confirmed
Retail operations reported a 10% rise during the fourth quarter, but some outlets are operating under the threat of closure.
Evoke warned investors in December that William Hill could be sold.
It is a potential measure to counter the financial hit expected from the gambling tax rises in the UK.
Remote Gaming Duty is going to increase from 21% to 40% from April 1, 2026 as a result of Chancellor Rachel Reeves’ autumn Budget.
Bank Morgan Stanley have been assisting the evoke board in considering its cost-cutting options for the future
Measures could see the sale of the group as a whole or parts of the business being let go.
Chief executive Per Widerstrom confirmed that the company had already identified “retail stores that are no longer sustainable”.
“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.
“We will update shareholders on our progress and updated strategic plan in due course.”
Evoke Share Prices Fall
There was a negative response to the news on the stock market.
Shares of evoke fell more than 6% during the morning of LSE trading following the statement’s release.
The group remain encouraged by the robust overall performance in Q4.
The market was reacting adversely to the uncertainty surrounding the future of popular UK bookie William Hill.
Key Highlights From Q4 2025
Evoke produced its best quarterly performance of the year from October through to the end of December.
The group revenue of £464 million was 7% up on the previous quarter.
It was also 3% down when compared with the same period last year.
888casino returned to profit with gaming revenue for the group up 9% in Q4.
Group business in Italy and Denmark produced record quarterly reviews.
Expectations are for revenue to hit £1.786 billion for the year, which would represent a 2% increase on 2024.
Projections for underlying earnings for the year sit between £355 million and £360 million, an approximate increase of 15%.
The board will not be providing any financial guidance for the year ahead while its strategic review is underway.
Reasons To be Positive
Widerstrom was urging investors to be encouraged by the group’s strong end to 2025.
“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.”
