Evoke’s International Growth Powers Revenue in H1 2025

Evoke has achieved remarkable financial results in the first half of 2025, driven by exceptional international growth. While the UK market showed signs of maturity and regulatory pressures, international market success has propelled both revenue and profit improvement.

H1 2025 Financial Highlights

The financial results for H1 2025 reflect Evoke’s ability to weather challenges in its established UK market while leveraging growth opportunities globally.

• Revenue: £887.8 million, a 3% increase year-on-year.
• Adjusted EBITDA: £165.9 million, up 44% compared to H1 2024.
• Post-tax loss: Reduced to £64.7 million, compared to £143.2 million in the prior year.
• Adjusted profit after tax: Achieved £5.4 million, reversing the previous loss of £29.9 million.

International Success Driving Revenue

Outstanding Performance in Core International Markets

Evoke’s international operations delivered exceptional returns, with core markets such as Italy, Spain, Denmark, and Romania achieving over 20% revenue growth in constant currency terms. This doubled regional profits, showcasing the effectiveness of Evoke’s strategic investments and product portfolio enhancements.

Improved Operational Efficiency

International operations also led to group-wide operational improvements:

• Operating costs decreased by 14%, complementing robust revenue growth.
• Marketing expenditures dropped by nearly 8%, focusing on targeted acquisition strategies.
• These efficiencies pushed the adjusted EBITDA margin to 18.7%, significantly higher than the 13.4% recorded in H1 2024.

UK Market: Stability Amid Challenges

Performance of the Online Segment

The UK and Ireland online segment recorded a marginal 1% revenue decline due to the absence of major football events and a reduced marketing push. However, profits for this segment rose by 37% due to operational improvements. William Hill’s gaming products exceeded expectations, partially offsetting challenges faced by the 888 brand.

Retail Recovery

Despite a 2% dip in physical store revenues during Q1, performance rebounded in Q2. The introduction of 5,000 gaming machines enhanced customer engagement and boosted revenue per machine by 15%.

Regulatory and Market Maturity Challenges

The UK market continues to face regulatory uncertainties and increased competition. However, operational efficiencies and a focus on sustainability have helped stabilize profitability in this region.

Outlook for 2025

Evoke anticipates continued revenue growth of 5–9% and maintains its forecast for an EBITDA margin of at least 20% for the full year. Strategic priorities include further international expansion, disciplined capital allocation, and leveraging cash flow generated from global operations.

Conclusion

Driven by standout international performance, Evoke achieved strong financial results in H1 2025. The company’s focus on diversifying beyond the UK market has not only stabilized its revenue stream but has positioned it for sustained success for the remainder of the year and beyond.