Evoke edges closer to strategic review conclusion ahead of FY25

Evoke has hinted that a conclusion to its long-running strategic review may be approaching. The group is preparing to publish its FY25 results next month.

No firm update has been given, but recent statements suggest discussions remain active behind the scenes. Investors are watching closely for clarity on the company’s future direction.

FY25 results in focus

The operator owns William Hill, 888 and Mr Green among others. It will publish its full-year results for 2025 on 29 April.

Early indicators are suggestive of a steady performance. We expect revenue to rise 2% year-on-year to around £1.79bn. Adjusted EBITDA is forecast between £355m and £360m. This indicates growth of roughly 14% to 15%.

The group also noted that trading in Q1 2026 has started positively. This is broadly in line with board expectations. However, there hasn’t been mention of any concrete developments on the strategic review itself so far.

Strategic review still ongoing

The review was announced in December 2025 and evoke has reiterated that it remains in progress. It includes the exploration of options to maximise shareholder value. This could involve a potential sale of the group. Another potential is divestment of certain assets or business units.

The company’s latest statement confirmed that discussions are continuing but offered no timeline for completion. The tone suggests movement behind the scenes even though no detail has been given. Market watchers might well take the view that a resolution is drawing closer.

UK tax pressures remain central

The timing of the update comes as the UK is preparing for its changes to gambling taxation. Remote Gaming Duty will increase to 40% from April. This places additional pressure on operator margins.

When the changes were first announced, evoke CEO Per Widerström was openly critical. He described the policy as “highly damaging.” He warned it could impact jobs, investment and player protection. Even so, evoke is well positioned to absorb some of the impact.

The group expects to offset around half of the increased costs over the medium term. Measures include supplier savings, reduced marketing spend, retail closures and adjustments to its customer proposition.

Performance offers some reassurance

Recent trading suggests the operator has some resilience. In Q4 2025, evoke reported its strongest quarter of the year. It generated approximately £464m in revenue. There was a 9% increase in gaming revenue and a 10% rise in retail performance.

Growth was supported by improved performance in its core brands, particularly in the UK market. This has not come without cost. The company has already confirmed further shop closures across its retail estate. The sector is clearly feeling the pressure.

Decision point approaching

For now, evoke is giving little away publicly. But with FY25 results due at the end of April, expectations are building that a clearer direction will soon emerge. Whether that means a sale, restructuring or a continuation of the current strategy remains to be seen.

What is clear is that the combination of regulatory pressure and market competition is forcing decisive action. Investors – and the wider UK market – will be watching closely.