Evoke reports fourth straight quarter of growth as profits surge 44%
Betting and gaming group Evoke has posted its fourth consecutive quarter of revenue growth, with adjusted profits up sharply thanks to tighter cost controls, improved marketing efficiency, and strong performances in its international markets.
Evoke Plc has hailed a “clear evidence of the transformation and operational reset” of its business, as the London-listed betting and gaming group delivered higher revenues and a significant jump in profitability in the first half of 2025.
The group, which owns brands including William Hill, 888 and Mr Green, reported revenue of £887.8m for the six months to 30 June, a 3% rise on the same period last year. Adjusted EBITDA climbed 44% to £165.9m, with reported EBITDA more than tripling to £141.3m.
Chief executive Per Widerström said: “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.”
International growth offsets UK slowdown
International operations were the standout performer, with revenues up 13% and EBITDA more than doubling to £85.5m. In Italy, the group’s 888casino brand “continues to outperform both local and omni-channel competitors” following new supplier integrations and proprietary content rollouts.
Denmark delivered a 26% revenue rise in the second quarter after migrating Mr Green to the in-house platform, while Romania posted “exceptional growth” aided by the acquisition of Winner. Spain saw steady gains, though sports betting lagged behind gaming.
UK and Ireland online revenue slipped 0.7%, reflecting a fall in sports turnover after last year’s boost from the Euro 2024 football tournament and the adoption of stricter gambling safeguards. Nevertheless, UK and Ireland online EBITDA rose 37% to £60m, helped by what the company called “improved marketing efficiency, a sharper focus on customer value over volume, and the impact of structural cost reductions.”
Retail revenue fell 2.4%, but returned to growth in the second quarter following the rollout of 5,000 new gaming machines. The company said these were performing “in line with expectations” and delivering “gross win per machine per week now approximately 15% higher than our previous cabinets.”
Focus on efficiency and debt reduction
Widerström emphasised the company’s cost discipline: “Top-line growth is being delivered profitably, with a significant improvement in contribution year-over-year driven by more effective marketing, including the use of bonuses, as well as structural cost benefits from bringing more of the business onto the in-house platform.”
The group cut marketing spend by £12m compared with the same period last year while still growing revenues. Other operating expenses were down £4m despite inflationary pressures and investments in automation and artificial intelligence.
Net debt stood at £1.82bn at the end of June, with leverage reduced from 6.7 times to 5.0 times over the year. “We remain confident in our ability to drive strong future cash generation and hit our FY27 target of less than 3.5x leverage,” Widerström said.
Doubling down on expansion plans
Trading so far in the third quarter is “in line with our plans”, and the group reiterated its full-year guidance of revenue growth between 5% and 9%, alongside an adjusted EBITDA margin of at least 20%.
“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,” Widerström said.
The board has maintained its decision not to pay dividends until leverage falls below three times, in line with the policy introduced after the acquisition of William Hill.
Evoke said it would continue to invest in automation, AI, and brand development, including the new William Hill customer value proposition, described as “betting done properly”. Product upgrades such as the “Jackpot Drop” feature and new free-to-play games are part of what the company calls a shift “from promotions-led to product-led” marketing.
With its core markets (the UK, Italy, Spain, Romania and Denmark) accounting for nearly 90% of revenue, Widerström concluded: “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.”
