In a tense investors meeting this week, CEO of troubled betting behemoth Evoke Plc, Per Widerström, attempted to reassure shareholders after a period of share declines and mounting debt.
In a delayed FY2025 call, the company revealed substantial losses were incurred during the period as profit after tax declined by 149% to a loss of £541 million. However, they pointed to group revenue growing 2% year-on-year in the period to £1.78 billion, while EBITDA, as mentioned by Widerström, ticked up 43% to £301 million.
CEO urges calm in contentious call
There is concern among shareholders on the future of the company, with one analyst calling into question Widerström’s record in his tenure as CEO. They pointed to the company’s share price steadily declining and its debt levels rising during Widerström’s time in charge.
Responding to the point, Widerström said: ““Being a shareholder myself I can reassure you that we are absolutely focused on delivering shareholder value,
“After years of decline in terms of revenue and profitability, we are back to growth. We have substantially improved the EBITDA margin and we are deleveraging. That is what we can control, and that is what we are focusing on.”
Earlier this month, shares in Evoke surged following reports of a potential takeover by Bally’s Corporation and Intralot.
The proposed deal is rumored to take the form of a take-private “rescue” acquisition, aimed at stabilizing and restructuring Evoke away from public market pressures. The current proposal involves an all-share combination valuing Evoke at £0.50 per share, with a partial cash alternative also under consideration.
The company is reportedly reviewing the offer with advisers including Morgan Stanley and Rothschild & Co, with a formal offer deadline set for May 18. This development follows months of speculation after evoke launched a strategic review in December, exploring sale options amid challenges such as regulatory pressures, including a gambling tax increase in Italy.
Impact of Remote Gaming Duty hike yet to be felt
Evoke executives said early trading shows no immediate impact from the April increase in Remote Gaming Duty, with CFO Sean Wilkins telling analysts the UK online business continues to perform strongly. He added the group does not expect a shift in its revenue mix as a result of the higher tax.
The company, like peers Bally’s Corporation and Entain, expects to gain market share as smaller operators struggle with the added tax burden. Executives pointed to likely market consolidation, saying smaller players could be disproportionately affected.
Internationally, revenue rose 9%, driven by record performances in Italy and Denmark. CEO Widerström said the company is continuing to capture market share in both regions.
In the UK retail segment, revenue fell 1% over the year, with the company confirming the closure of several betting shops. Widerström said the remaining estate of more than 1,000 locations continues to deliver strong customer experience.
He added that reducing the number of shops would support long-term profitability and cash generation, noting broader macroeconomic pressures on retail betting and a comprehensive review of the estate.
Early 2026 trending in good direction, company suggests
Evoke reported its performance in the opening quarter of 2026 has broadly met internal expectations, reflecting a steady start to the year.
Momentum in its UK-facing online division, particularly through its flagship William Hill platform, provided a solid foundation for results. This was complemented by resilient contributions from key European markets such as Italy and Denmark, which together helped balance out softer trading conditions seen in Spain, Romania, and a handful of smaller territories.
Looking ahead, management continues to prioritize sustainable, profit-driven expansion rather than pure top-line growth.
Reportedly, efforts are centering on enhancing cash flow, tightening operational efficiency, and reinforcing the company’s financial position over the medium term. However, with the broader strategic review still underway, leadership has opted to suspend formal financial guidance for the time being, signaling a degree of uncertainty as it evaluates potential structural changes.
