Evoke has posted groupwide revenue of £888m for H1 2025, up 3% year-on-year (YoY), courtesy of double-digit growth across the operator’s core international markets.
The London-listed operator, which owns William Hill, 888 and Mr Green, reported its full earnings for the first half of the year today, 13 August, weeks after publishing a brief trading update in which it detailed its expectations that revenue would climb 3% compared to H1 2024’s £862m.
Adjusted EBITDA surged 44% YoY to £166m, with bosses crediting the increase to higher gross margins and more effective marketing returns, alongside general operational efficiency.
Reported EBITDA more than trebled when compared to the corresponding period last year, totalling £141m this time around.
That increase is largely due to gains made by evoke withdrawing its B2C operations from the US.
Meanwhile, post-tax losses fell by 55% YoY to £64.7m for H1, down from the £143.2m reported 12 months prior, while on an adjusted basis, profit was £5.4m.
Breaking evoke’s revenue down by its main markets, UK and Ireland (UKI) online revenue slipped 1% YoY to £336.2m, due to tough comps with Euro 2024 and a shift in its approach to marketing.
A strong igaming performance generated a 4% rise in revenue to £218.8m, yet it was not enough to offset a 9% slump in sportsbook revenue to £117.3m.
Sportsbook stakes came to just over £1bn, also falling 11% from the £1.2bn recorded in H1 2024.
However, evoke’s UK & Ireland adjusted EBITDA increased 37% YoY to £60m, a rise CEO Per Widerström credited to the company’s “improved marketing efficiency”, as well a greater focus on customer value over volume.
Marketing expenses for the segment dropped 11% YoY to £88.6m, a sizeable fall from the £99m spent in the first half of last year.
UKI retail revenue and adjusted EBITDA fell 2% and 22%, respectively.
On the international front, revenue climbed 13% YoY to £299.4m, driven by double-digit growth in multiple core markets, including Italy and Denmark, which reported growth of 16% and 15%, respectively.
Following last year’s acquisition of Winner.ro, Romania experienced triple-digit growth, while revenue in the country was up 28%, excluding the impact of Winner.
While evoke’s Spain segment achieved 7% YoY revenue growth, it was the only international core markets in which the operator lost market share.
Combined, evoke’s four core international markets represent around 71% of the division. Rest of the world revenue saw a marginal climb of 1% YoY.
International adjusted EBITDA more than doubled to £85.6m, a 111% YoY rise from the £40.6m posted last year.
Groupwide sportsbook revenue amounted to £293m, representing a decline of 8.7% YoY, while stakes also slumped 11.7%.
However, evoke reported yearly growth of 10% within its gaming vertical, which generated revenue of £594.8m via a strong international performance.
Looking ahead to Q3, management said revenue up to 10 August was in line with expectations, as the operator reaffirmed its full-year (FY) 2025 growth target of 5%-9%.
Leading positions in several core markets, as well as “an exciting pipeline of new product launches and brand enhancements” mean evoke expects further improvements in profitability as momentum gathers for the second half of the year.
Evoke also remains on course to deliver FY guidance that includes an adjusted EBITDA margin of at least 20%.
CEO 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.
“The improved financial performance is a result of substantial strategic progress, focusing resources on our core markets and executing a short-term turnaround, while investing in building stronger capabilities to support long-term sustainable and profitable growth.
“Having delivered four consecutive quarters of growth, we are well positioned to drive continued progress, supported by our leading market positions, established brands, outstanding products, and a clear customer proposition.”
In a note issued by Peel Hunt, the investment firm said: [This is] more evidence evoke is on course – so far group profit performance has been more impressive than revenue performance. However, the international business shows that management’s changes can drive momentum.”
Evoke shares made early gains following the release of the results before falling back to around 64p a share.
The post Evoke’s 3% H1 growth fuelled by international arm as UKI online revenue dips first appeared on EGR Intel.
William Hill and 888 parent company’s earnings for first half of 2025 in line with expectations, while reported EBITDA more than trebles
The post Evoke’s 3% H1 growth fuelled by international arm as UKI online revenue dips first appeared on EGR Intel.