Highlights

  • EVOK's revenue rose 5% YoY to GBP 435m, marking the fifth consecutive growth quarter.
  • All three divisions — UK&I Online, International, and Retail — reported quarterly growth.
  • FY25 Adjusted EBITDA margin guidance of at least 20% reaffirmed.

Evoke Plc (LSE:EVOK), a global betting and gaming group with brands including William Hill, 888, and Mr Green, released its trading update for the three months ended 30 September 2025. The Group reported revenue of GBP 435m, a 5% increase compared to Q3 2024 (4% in constant currency), marking its fifth consecutive quarter of year-over-year growth.

Segmental Performance

UK&I Online revenue increased by 1%, with sports up 8% due to weaker prior-year win margins. Gaming declined by 2%, primarily impacted by lower marketing spend for 888 as the Group prioritises higher returns. Both brands delivered double-digit contribution growth.

International revenue rose 8% (6% in constant currency), supported by strong double-digit growth in Italy, Denmark, and Romania. However, the gains were partially offset by a slowdown in Spain and declines in non-core markets.

Retail operations delivered a 6% revenue increase, with both sports and gaming up 6%. The growth was attributed to improved margins and the earlier rollout of new gaming cabinets.

Strategic Developments

During the quarter, evoke accelerated growth in Denmark following the migration to its in-house platform, achieving 19% constant currency growth and record monthly revenues. The company also gained market share in Italy’s casino segment through the 888 brand and addressed sports product gaps for William Hill on the Exalogic platform.

In Romania, the migration of 888 to the local Winner.ro platform was completed, enhancing localisation and product features. William Hill’s free-to-play “Final One Standing” attracted over 300,000 entrants in its first week, with high engagement in following weeks.

Additionally, evoke launched the omni-channel “Acca Boost” product and improved its Bet Builder offering, driving higher engagement and improved win margins. The new William Hill Vegas app was also introduced at the end of the period.

Financial and Balance Sheet Update

The Group successfully refinanced its 2027 EUR fixed-rate notes with new 8.0% EUR fixed-rate notes due 2031. This is expected to result in approximately GBP 5m in annualised cash interest savings.

Outlook

Management reaffirmed FY25 guidance, expecting an Adjusted EBITDA margin of at least 20%, positioning results ahead of current market expectations. The Group also reiterated its medium-term targets of 5–9% annual revenue growth, approximately 100 basis points of Adjusted EBITDA margin expansion annually, and leverage below 3.5x by 2027.

Per Widerström, CEO of evoke, stated:

“During Q3 we continued to execute against our strategy which is transforming our long-term competitive capabilities and building a more efficient and profitable business.

With Retail continuing the improving trend from Q2, all three divisions were in growth during the quarter. Whilst our refined approach to UK Online marketing to drive improved profitability slightly held back our top-line performance, we are pleased to have recorded our fifth consecutive quarter of profitable growth.”

Share Performance

EVOK shares are currently trading at GBX 41.30, down by 0.72% from its previous close of GBX 41.60.