Evoke PLC reported robust financial performance for the first half of 2025, marking its fourth consecutive quarter of growth. The company’s strategic pivot toward international markets and operational efficiency has delivered a significant boost in profitability, despite softer results in its domestic UK segment.
Financial Highlights – H1 2025 (Ended June 30)
- Revenue: £887.8 million ($1.2 billion), up 3% year-over-year
- Adjusted EBITDA: £165.9 million ($225 million), up 44%, with margin rising to 18.7% from 13.4%
- Adjusted Pre-Tax Profit: £12.6 million ($17 million), reversing a prior-year loss
- Pre-Tax Loss: Narrowed to £77.7 million ($105 million) from £147 million ($199 million)
- Operating Costs: Down 14%
- Marketing Spend: Reduced by 8%, while maintaining product investment
International Expansion Offsets Domestic Headwinds
Evoke’s overseas operations were the primary growth engine in H1. Revenue from key international markets — Italy, Spain, Denmark, and Romania — rose over 20% on a constant currency basis, with profitability in those regions doubling year-over-year.
In contrast, UK and Ireland online revenue dipped 1%, largely due to the absence of major sporting events and reduced advertising spend. However, the segment still delivered a 37% increase in profit, reflecting improved efficiency.
Retail performance declined 2% overall, but rebounded in Q2 following the rollout of 5,000 new gaming terminals, which generated 15% higher revenue per unit.
CEO Commentary & Strategic Outlook
CEO Per Widerström credited the company’s transformation program for the strong results, highlighting:
- Strategic exit from underperforming markets, including the U.S. B2C segment
- Enhanced automation and AI-driven customer engagement
- Platform consolidation and operational streamlining
“Our focus on profitable growth and disciplined execution is delivering real value. With four quarters of momentum, we’re well-positioned to sustain performance into the second half,” said Widerström.
He also pointed to a strong product pipeline and continued operational improvements as key drivers for H2.
Full-Year Guidance & Medium-Term Targets
Evoke reaffirmed its 2025 full-year outlook:
- Revenue Growth: 5–9%
- Adjusted EBITDA Margin: ≥20%
Medium-Term Goals (by 2027):
- Annual revenue growth of 5–9%
- ~100 basis points of annual EBITDA margin expansion
- Net debt below 3.5x EBITDA
