Evoke posts £888m H1 2025 revenue as profitability rises 44% amid strategic transformation

Key points:

– H1 2025 revenue increased 3% year-on-year to £887.8m, with adjusted EBITDA up 44% to £165.9m 

– International revenue rose 13%, offsetting declines in UK&I Online (-1%) and Retail (-2%)

– Leverage reduced to 5.0x from 6.7x a year earlier, with £250m in total liquidity

Evoke (LSE: EVOK) reported group revenue of £887.8m ($1.2bn) for the six months ended 30 June 2025, a 3% year-on-year increase. On a constant currency basis, growth reached 4%.

The international segment was the key driver, posting a 13% rise in revenue (+15% constant currency) and more than doubling adjusted EBITDA to £86m. Core market strength, supported by ongoing product and platform enhancements, underpinned this performance.

UK & Ireland Online revenue declined 1%, reflecting the impact of major summer events in 2024 and an evolved marketing approach. Despite the top-line dip, profitability improved sharply, with adjusted EBITDA up 37% to £60m. 

Retail revenue fell 2% year-on-year, though returned to growth in Q2 following the rollout of 5,000 new gaming cabinets completed in March.

Operational efficiency boosts profitability

Group adjusted EBITDA rose 44% to £165.9m in H1 2025, taking the trailing twelve-month total to £363m. The uplift was reportedly driven by higher gross margins, reduced marketing spend relative to revenue and ongoing cost savings.

Reported EBITDA more than tripled to £141.3m, aided by a significant reduction in exceptional items compared with H1 2024. The company reported a statutory profit after tax of £5.4m on an adjusted basis, reversing a £29.9m loss in the prior-year period.

Leverage improved to 5.0x, down from 6.7x a year earlier, while available liquidity stood at £250m, including £121m in cash and £129m in undrawn revolving credit facilities. 

Good to know: Evoke has now delivered four consecutive quarters of revenue growth and margin improvement, reversing the three years of contraction recorded between 2021 and 2023

Strategic progress and market initiatives 

Evoke highlighted three strategic pillars underpinning its transformation: operational excellence, a renewed brand and product focus and cultural change across the organisation.

Operational initiatives included scaling AI and intelligent automation across group functions, improving customer segmentation and enhancing lifecycle management – contributing to an 11% increase in average revenue per user.

Brand initiatives in H1 included the launch of William Hill’s new customer value proposition centred on “betting done properly” and further product-led engagement tools, such as the in-house Jackpot Drop feature. In retail, the gaming cabinet rollout enhanced customer experience and contributed to sequential growth.

CEO Per Widerström said: “We are seeing clear evidence of the transformation and operational reset we’ve undertaken, with the Group delivering continued revenue growth, significantly improved profitability and meaningful deleveraging during the first half of the year.”

Context from earlier 2025 results

The H1 performance builds on momentum reported in Q1 2025, when group revenue rose 1% to £437m and Adjusted EBITDA exceeded £330m on a trailing twelve-month basis. At the time, Evoke’s international growth was led by an 11% uplift, including the integration of Winner.ro in Romania and platform migrations for Mr Green and William Hill Italy.

These earlier initiatives have contributed to operational streamlining and improved localisation, which continued to support results in Q2.

Outlook and guidance

Trading in Q3 to 10 August 2025 has been in line with internal expectations. Full-year revenue growth guidance remains between 5% and 9%, with an adjusted EBITDA margin target of at least 20%.

Management expects profitability to further improve in H2, supported by operating leverage, efficiency gains from AI and automation adoption and new product launches.

Per Widerström added: “The acceleration in Q2 performance, together with a strong pipeline of product enhancements and operational efficiency initiatives, underpins our confidence of improved growth in H2 and reiterated guidance of 5–9% revenue growth and an adjusted EBITDA margin of at least 20% in 2025.” 

Medium-term goals remain unchanged: annual revenue growth of 5–9%, roughly 100 basis points of adjusted EBITDA margin expansion per year from 2025 onwards and leverage reduction to below 3.5x by the end of 2027.