Evoke Keeps 2025 Growth Outlook After First Half Profit

Evoke plc, the British sports betting and gaming group behind William Hill and 888, has delivered a profitable first half of 2025 and is keeping its full-year growth expectations intact. The company’s performance shows the benefits of its operational reset and a sharper focus on core markets.

Good to know

• Evoke’s H1 2025 revenue reached £887.8 million, a 3% increase year over year.
• Adjusted EBITDA climbed 43.6% to £165.9 million, with an earnings margin on track to hit at least 20%.
• The company returned to an adjusted pre-tax profit of £5.9 million after posting a £29.9 million loss in H1 2024.

CEO Per Widerström credited the results to decisive restructuring, noting, “We are seeing clear evidence of the transformation and operational reset we’ve undertaken, with the Group delivering continued revenue growth, significantly improved profitability and meaningful deleveraging during the first half of the year.”

International markets drove much of that progress, with revenue climbing 13% thanks to gains in Italy, Spain, Romania, and Denmark. On a constant currency basis, the increase was 22%, with Adjusted EBITDA for the segment doubling to £86 million. These results helped counter a small 1% dip in online U.K./Ireland revenue, which faced a tough comparison to last year’s UEFA Euro Championship boost. The company has also restructured its 888 marketing strategy in the U.K. and Ireland, now aiming for stronger returns under a refreshed team.

In retail, U.K. revenue slipped 2.4%, but Evoke is offsetting this with a Q2 rollout of 5,000 gaming cabinets and planned investment in self-service betting terminals for the second half of the year.

Early Q3 trading is meeting expectations, and management says the momentum is building. “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,” Widerström explained.

With four straight quarters of growth, Evoke believes it is well-positioned to extend its progress. The operator points to its strong market positions, well-known brands, diverse products, and a clear value proposition for customers as key advantages heading into the rest of 2025.

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