Evoke reports £437m in Q1 2025 revenue as adjusted EBITDA surges year-on-year

Key points:

– Q1 2025 group revenue rose 1% year-on-year to £437m 

– Adjusted EBITDA significantly higher year-on-year; LTM Adjusted EBITDA exceeds £330m  

– International segment grew 11%, while UK&I Online declined 1%  

Evoke has reported revenue of £437m ($581m) for the first quarter of 2025, representing a 1% year-on-year increase and aligning with previous guidance. 

Group-wide adjusted EBITDA was substantially higher compared to Q1 2024, continuing a trend of profit margin expansion established in the second half of last year. As of 22 April, year-to-date revenue growth stood at approximately 4%, with full-year expectations unchanged.

The results build on a recovery trajectory initiated in FY2024, when Evoke posted 3% annual revenue growth to £1.75bn, alongside a 71% half-on-half surge in H2 Adjusted EBITDA. The group now reports trailing twelve-month Adjusted EBITDA of over £330m.

International segment drives top-line growth

International operations delivered standout performance in Q1, with revenue rising 11% year-on-year (14% in constant currency). Growth was driven by strength across Core Markets, including a significant uplift in Romania following the 2024 acquisition of Winner.ro.

As part of its platform consolidation strategy, 888 Romania began migrating onto the localised Winner.ro infrastructure during the quarter, a move expected to enhance product localisation and customer engagement. 

Other migrations also progressed, with Mr Green’s core markets – including Denmark – now fully transitioned onto the 888 platform. Meanwhile, William Hill Italy was integrated into the Exalogic system to improve localisation ahead of upcoming re-licensing.

UK&I Online impacted by safer gambling measures

Revenue from UK & Ireland Online declined 1% in Q1. While gaming revenue rose 3%, sports performance was softer, reflecting the impact of safer gambling controls and reduced promotional activity compared to the prior year. 

Active player numbers fell 21%, but average revenue per user (ARPU) climbed 26%, reflecting improved lifecycle management and product enhancements.

The company stated that April trading had shown improved trends across both sports and gaming, suggesting a potential rebound in Q2. 

Retail revenue falls but gaming sees sequential growth

Retail revenue declined 6% compared to Q1 2024, largely due to lower betting stakes and weaker win margins. However, gaming revenue was broadly stable year-on-year and increased 6% sequentially versus Q4 2024.

The group completed the nationwide rollout of 5,000 new gaming cabinets by mid-March, contributing to improved performance and market share gains. With installations now complete across the entire retail estate, further uplift is expected in the coming quarters.

Strategic updates and efficiency measures continue

Evoke reaffirmed its commitment to operational efficiency, having announced £15–25m in additional cost savings at its FY2024 results. These initiatives follow a successful £30m cost optimisation programme in 2024, which played a key role in expanding EBITDA margins to 22.1% in H2 of last year.

The group’s transformation strategy – including brand consolidation, enhanced segmentation and focused product innovation – remains central to its long-term growth narrative.

FY2024 profitability recovery provides foundation for 2025

The Q1 update follows Evoke’s FY2024 earnings, where the group returned to top-line growth after three years of contraction. Full-year revenue rose 3%, while Adjusted EBITDA reached £312.5m, driven by gains in international online operations and a stronger second half.

Despite a post-tax loss of £191.4m – attributed to one-off transformation and exit costs – the company reported underlying profit improvements and lowered its leverage from 6.7x to 5.7x. Further deleveraging remains a core target for 2025.