Strong EBITDA growth highlights operational efficiency and strategic market focus
Solid Quarter as Revenue and EBITDA Surge
Evoke, the parent company of William Hill, 888, and Mr Green, has reported a 5% year-on-year revenue growth for Q2 2025, reflecting gains in both its online operations and a rebound in its retail segment. This marks the group’s second-strongest quarterly performance since early 2023, according to CEO Per Widerström, despite facing a tough comparative period due to the UEFA Euros in 2024.
Online revenues climbed by 6%, while the retail segment rebounded due in large part to the deployment of 5,000 new gaming machines, a rollout completed by March 2025. The enhanced retail footprint signals the success of Evoke’s investment in revitalising its land-based operations following the pandemic-era contraction.
Adjusted EBITDA Climbs 43% Midpoint in H1 2025
Evoke also forecasted H1 Adjusted EBITDA between £163m and £167m, a 43% increase at the midpoint compared to the previous year. The company now reports last twelve-month EBITDA over £360m, putting it on a “strong deleveraging trajectory” as it continues to reduce debt and strengthen its balance sheet.
Despite modest H1 group revenue growth of 3%, the significant EBITDA boost reflects effective cost control, marketing efficiencies, and portfolio optimization. The company attributes the lower growth rate partly to a decline in sports betting activity, which was inflated last year by the UEFA Euros and higher-than-average win margins.
Strategic Efficiency and Market Focus to Drive H2 Gains
While no change has been made to full-year 2025 guidance, Evoke reaffirmed expectations for FY revenue growth between 5–9% and an Adjusted EBITDA margin of at least 20%. Management remains confident that efficiency gains, continued product rollouts, and better marketing ROI will further improve performance in H2.
This includes greater monetisation across its digital brands and a sharper focus on core regulated markets, a strategic move intended to mitigate operational risks and regulatory volatility.
Expansion and Outlook
The company also noted infrastructure developments, including the opening of a new 750-person office in Leeds’ West Village, replacing a 20-year-old facility. This expansion reflects Evoke’s broader ambition to consolidate its brand portfolio and foster talent in a modern, collaborative environment.
Looking ahead, all eyes will be on Evoke’s interim results due 13 August, which will provide a detailed breakdown of segment performance and cost-saving impacts. With strong fundamentals and a disciplined operational approach, Evoke appears well-positioned for sustainable, profitable growth through the rest of 2025.
