Evoke, a global betting and gaming operator with brands including William Hill, 888 and Mr Green, has reported its interim results for the six months ended 30 June 2025. The company delivered its fourth consecutive quarter of revenue growth, alongside substantial profitability improvements and significant deleveraging.
Group revenue for the period reached £887.8 million, up 3% year-on-year or 4% on a constant currency basis. Adjusted EBITDA rose 44% to £165.9 million, while reported EBITDA more than trebled to £141.3 million. Loss after tax improved from £143.2 million in H1 2024 to £64.7 million, and adjusted profit after tax swung from a loss of £29.9 million to a profit of £5.4 million. Total liquidity at the end of June was £250 million, including £121 million in cash and £129 million of undrawn revolving credit facilities. Net leverage was reduced by 1.7x year-on-year to 5.0x.
In the UK & Ireland Online division, revenue declined by 1% due to the impact of the Euros and an evolved marketing strategy. However, profitability improved significantly, with adjusted EBITDA up 37% to £60 million thanks to stronger margins and more efficient marketing spend. International operations recorded revenue growth of 13% (15% CC), driven by strong performances in key markets, with adjusted EBITDA more than doubling to £86 million. In retail, revenue fell by 2%, but returned to growth in the second quarter following the rollout of 5,000 new gaming machines.
Evoke’s strategy is built around three core pillars.
The first is operational excellence driven by data and intelligent automation, which has expanded the use of AI and enhanced customer segmentation and lifecycle management, leading to an 11% year-on-year increase in average revenue per user. The second is fostering a winning culture, with redesigned structures and working methods to enhance customer experience and efficiency, alongside leadership team evolution and closer alignment of remuneration with performance. The third is leading brands and differentiated products, with achievements including the launch of William Hill’s new positioning under the “betting done properly” banner, upgrading the retail experience with new machines, and improving the online offer through a simplified interface, new free-to-play games and the in-house launch of the Jackpot Drop feature. Marketing efforts are increasingly product-led rather than promotion-led, with the aim of boosting customer engagement and brand differentiation.
In terms of current trading, revenue in the third quarter to 10 August is in line with expectations. For the full year 2025, evoke maintains its guidance of 5–9% revenue growth and an adjusted EBITDA margin of at least 20%. The company expects further improvements in profitability in the second half of the year, supported by a robust pipeline of product launches, leading positions in key markets and wider adoption of automation and AI across the business.
Chief Executive Officer
Per Widerström said the results provide clear evidence of the transformation and operational reset undertaken by the company, which have enabled simultaneous revenue growth, profitability enhancement and debt reduction. He emphasised that evoke is well positioned to sustain this momentum thanks to the strength of its brands, the quality of its products and a clear customer proposition, and that the acceleration in performance in the second quarter, combined with a strong portfolio of product and efficiency initiatives, underpins confidence in meeting the company’s 2025 targets.
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