diff --git a/holoviews/plotting/bokeh/element.py b/holoviews/plotting/bokeh/element.py
index a4b0f9989f..f96d7ea714 100644
--- a/holoviews/plotting/bokeh/element.py
+++ b/holoviews/plotting/bokeh/element.py
@@ -6,7 +6,6 @@
 from bokeh.models import Range, HoverTool, Renderer
 from bokeh.models.tickers import Ticker, BasicTicker, FixedTicker
 from bokeh.models.widgets import Panel, Tabs
-from distutils.version import LooseVersion
 
 try:
     from bokeh import mpl
@@ -25,6 +24,11 @@
 from .plot import BokehPlot
 from .util import mpl_to_bokeh, convert_datetime, update_plot, bokeh_version
 
+if bokeh_version >= '0.12':
+    from bokeh.models import FuncTickFormatter
+else:
+    FuncTickFormatter = None
+
 
 # Define shared style properties for bokeh plots
 line_properties = ['line_width', 'line_color', 'line_alpha',
@@ -270,8 +274,7 @@ def _init_plot(self, key, element, plots, ranges=None):
         else:
             title = ''
 
-        if LooseVersion(bokeh.__version__) >= LooseVersion('0.10'):
-            properties['webgl'] = self.renderer.webgl
+        properties['webgl'] = self.renderer.webgl
         return bokeh.plotting.Figure(x_axis_type=x_axis_type,
                                      y_axis_type=y_axis_type, title=title,
                                      tools=tools, **properties)
@@ -325,7 +328,7 @@ def _init_axes(self, plot):
             plot.yaxis[:] = plot.right
 
 
-    def _axis_properties(self, axis, key, plot, element):
+    def _axis_properties(self, axis, key, plot, element, ax_mapping={'x': 0, 'y': 1}):
         """
         Returns a dictionary of axis properties depending
         on the specified axis.
@@ -351,6 +354,29 @@ def _axis_properties(self, axis, key, plot, element):
                     pass
                 else:
                     axis_props['ticker'] = FixedTicker(ticks=ticker)
+
+        dim = element.get_dimension(ax_mapping[axis])
+        if FuncTickFormatter is not None and ax_mapping and dim:
+            formatter = None
+            if dim.value_format:
+                formatter = dim.value_format
+            elif dim.type in dim.type_formatters:
+                formatter = dim.type_formatters[dim.type]
+            if formatter:
+                msg = ('%s dimension formatter could not be '
+                       'converted to tick formatter. ' % dim.name)
+                try:
+                    formatter = FuncTickFormatter.from_py_func(formatter)
+                except RuntimeError:
+                    self.warning(msg+'Ensure Flexx is installed '
+                                 '("conda install -c bokeh flexx" or '
+                                 '"pip install flexx")')
+                except Exception as e:
+                    error = 'Pyscript raised an error: {0}'.format(e)
+                    error = error.replace('%', '%%')
+                    self.warning(msg+error)
+                else:
+                    axis_props['formatter'] = formatter
         return axis_props
 
 
diff --git a/holoviews/plotting/mpl/util.py b/holoviews/plotting/mpl/util.py
index 5fa833e2a7..51e2e07ec1 100644
--- a/holoviews/plotting/mpl/util.py
+++ b/holoviews/plotting/mpl/util.py
@@ -1,4 +1,5 @@
 import re
+import inspect
 
 import numpy as np
 from matplotlib import ticker
@@ -14,7 +15,13 @@ def wrap_formatter(formatter):
     if isinstance(formatter, ticker.Formatter):
         return formatter
     elif callable(formatter):
-        return ticker.FuncFormatter(formatter)
+        args = [arg for arg in inspect.getargspec(formatter).args
+                if arg != 'self']
+        wrapped = formatter
+        if len(args) == 1:
+            def wrapped(val, pos=None):
+                return formatter(val)
+        return ticker.FuncFormatter(wrapped)
     elif isinstance(formatter, basestring):
         if re.findall(r"\{(\w+)\}", formatter):
             return ticker.StrMethodFormatter(formatter)