In a post-close trading update, the betting and gaming company said it anticipates H1 adjusted EBITDA in the range of £163m–£167m.

At the midpoint, this would represent a 43% uplift on the prior year and push last 12-month adjusted EBITDA above £360m, supporting the group’s ongoing deleveraging strategy.

Group revenue for Q2 rose approximately 5% year-on-year, with online revenue up 6% and retail returning to growth after the successful rollout of 5,000 new gaming machines earlier in the year.

This lifted H1 revenue by around 3%, with double-digit gaming growth offsetting softer sports betting, which faced a challenging comparison against the prior year’s UEFA Euro 2024 tournament.

Profitable growth

“Q2 2025 marked our second strongest quarterly revenue performance since the beginning of 2023, a particularly encouraging result given the tough comparator from lapping the Euros,” said evoke CEO Per Widerström.

“Importantly, this growth was also delivered profitably, in line with our focus on sustainable profitable growth, with H1 adjusted EBITDA significantly ahead year-over-year, supporting our strong deleveraging trajectory in line with the value creation plan.”

He added that the company’s strategy remains firmly focused on core international markets, operational excellence, and aligning its brand portfolio more closely with customer needs.

The update highlighted continued improvements in marketing efficiency and cost management, which together helped boost margins.

Evoke generated £437.2m in revenue for Q1 2025, marking a modest 1% year-on-year increase. However, the company had cautioned that Q1 revenue would lag behind full-year forecasts.

Looking ahead, evoke reiterated its full-year 2025 guidance, including revenue growth of 5%–9% and an adjusted EBITDA margin of at least 20%.

The company said it expects further momentum in H2, supported by new product launches, enhanced marketing returns, and ongoing cost savings.

Third Bridge: Evoke’s gaining ground

According to research firm Third Bridge, which interviewed multiple industry executives, evoke appears well-positioned to benefit from structural shifts in the UK gaming market, as regulatory changes begin to level the competitive playing field.

“Smaller and mid-sized operators are struggling under the cost of compliance, and many may exit. This shift gives major players like Evoke a clear path to gain market share over the next one to two years,” said Third Bridge analyst Alex Doran.

Doran added that the omnichannel strength of the William Hill brand is becoming an increasingly valuable asset.

“Our experts see the ability to drive customers from retail into online and vice versa as a cost-effective way to increase player value while reducing acquisition costs.”

However, evoke still has work to do on the technology front.

“Evoke has lagged competitors in AI-driven automation and personalisation but is now closing the gap, which our experts view as essential for long-term competitiveness,” Doran said.

“This catch-up in technology will simplify user journeys, enhance customer experience, and help evoke appeal to the recreational, mass-market players that now dominate the UK landscape. Product innovation remains a key area where evoke must accelerate.”

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