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Highlights

  • EVOK's revenue rose 3% year-on-year to GBP 888 million in recent half, with Adjusted EBITDA up 44% to GBP 166 million.

  • International revenue grew 13%, with Adjusted EBITDA more than doubling to GBP 86 million.

  • Leverage reduced to 5.0x, down from 6.7x a year earlier, supported by cash of GBP 121 million and total liquidity of GBP 250 million.

Evoke Plc (LSE:EVOK), the global betting and gaming group behind brands including William Hill, 888, and Mr Green, has announced its interim results for the six months ended 30 June 2025, highlighting growth in international revenue, improved margins, and progress in operational efficiency.

Financial Performance

Group revenue for H1 2025 reached GBP 888 million, an increase of 3% from the same period in 2024 (+4% at constant currency). UK & Ireland online revenue declined 1%, reflecting the absence of the Euros and changes in marketing approach, but profitability in this segment rose significantly, with Adjusted EBITDA up 37% to GBP 60 million. International revenue rose 13% (+15% at constant currency), driven by strong performances in core markets, and Adjusted EBITDA more than doubled to GBP 86 million. Retail revenue fell 2% overall but returned to growth in Q2 following the rollout of 5,000 new gaming cabinets.

Adjusted EBITDA across the group increased 44% to GBP 166 million, supported by higher gross margins, improved marketing returns, and operational efficiencies from cost savings. Reported EBITDA more than trebled to GBP 141 million, aided by a reduction in exceptional items compared with the prior year, which included higher transformation costs and the impact of the US B2C exit.

Evoke also made progress in reducing leverage, which fell to 5.0x from 6.7x at 30 June 2024. At the period end, the group held GBP 121 million in cash (excluding customer balances) and had total liquidity of GBP 250 million, including an undrawn revolving credit facility of GBP 129 million.

Strategic and Operational Progress

The company continued to advance its strategy for long-term profitable growth, underpinned by a clear customer value proposition and competitive advantages in operational excellence, brand strength, and culture. Operational initiatives included the increased use of AI and intelligent automation across functions, enhancing execution efficiency and improving marketing effectiveness through advanced customer segmentation and data-driven lifecycle management. These efforts contributed to an 11% increase in average revenue per user in H1 2025.

Product and brand initiatives included the launch of William Hill’s new customer value proposition, the deployment of 5,000 gaming machines in retail locations, and enhancements to the online offering, such as simplified user interfaces, new free-to-play games, and the in-house Jackpot Drop feature.

Current Trading and Outlook

Revenue in Q3 to 10 August is in line with plans, and the company’s full-year 2025 revenue growth target remains 5-9%. Evoke expects further profitability improvements in the second half, supported by operating leverage on revenue growth and continued efficiency gains through automation and AI.

Guidance for the full year remains unchanged, with an expected Adjusted EBITDA margin of at least 20%. Medium-term targets include annual revenue growth of 5-9%, approximately 100 basis points of margin expansion per year from 2025, and leverage below 3.5x by the end of 2027.