Evoke Reports £437M in Q1 2025 Revenue as International Growth Offsets UK Decline
Evoke Group has released its Q1 2025 trading update, revealing steady revenue growth and strong profit margins despite softer performance in the UK market. The company reported group revenue of £437 million, marking a 1% year-on-year increase, and maintained momentum in its ongoing digital transformation and international expansion efforts.
Q1 2025 Revenue and Profit Highlights
Total Revenue: £437 million (+1% YoY)
LTM Adjusted EBITDA: Over £330 million
YTD Revenue Growth (as of April 22): ~4%
FY2024 Adjusted EBITDA: £312.5 million
Evoke’s group-wide Adjusted EBITDA for the quarter rose significantly compared to Q1 2024, supporting continued profit margin growth. This performance reinforces the financial recovery first observed in FY2024, where the company returned to top-line growth after several challenging years.
International Segment Powers Growth
The International segment emerged as the key driver of growth in Q1, with a robust 11% increase in revenue (or 14% in constant currency). Key contributors included:
Romania: Substantial growth following the acquisition of Winner.ro in 2024.
Platform Migration: Integration of 888 Romania into Winner.ro’s infrastructure, enabling better product localisation and user engagement.
Mr Green Markets: Full migration to the 888 platform completed in countries like Denmark.
William Hill Italy: Transition to the Exalogic system, boosting localisation efforts ahead of licensing renewals.
These strategic moves underpin Evoke’s digital and international focus, positioning the company for continued success outside the UK.
UK & Ireland Online Faces Regulatory Headwinds
Revenue in the UK & Ireland Online segment slipped 1% year-on-year. While gaming revenue increased by 3%, sports betting was softer due to:
Safer gambling measures
Reduced promotional activity
21% drop in active player numbers
Despite this, ARPU (Average Revenue Per User) surged 26%, highlighting more effective lifecycle management and product innovation. Encouragingly, April trading signaled positive momentum, suggesting a potential rebound in Q2.
Retail Performance: Contraction but Sequential Gaming Growth
Evoke’s Retail segment posted a 6% revenue decline, impacted by:
Lower betting stakes
Weaker win margins
However, gaming revenue remained flat year-on-year and grew 6% quarter-over-quarter, thanks to the nationwide rollout of 5,000 new gaming cabinets. Completed by mid-March, this initiative is expected to drive further retail gains in upcoming quarters.
Strategic Focus: Cost Efficiency and Transformation
The group reiterated its emphasis on operational efficiency, building on the successful £30 million cost optimisation programme in 2024. Additional savings of £15–25 million are projected for 2025.
Evoke’s long-term transformation strategy includes:
Brand consolidation
Improved customer segmentation
Targeted product innovation
These initiatives aim to streamline operations and enhance scalability across key markets.
FY2024 Recovery Lays the Groundwork for Future Growth
The Q1 results follow a pivotal FY2024, where Evoke:
Achieved 3% full-year revenue growth
Delivered £312.5 million in Adjusted EBITDA
Reported a post-tax loss of £191.4 million, largely due to one-off restructuring costs
Reduced leverage from 6.7x to 5.7x
Looking forward, deleveraging and EBITDA margin expansion remain key priorities as the group targets sustainable growth and shareholder value.
Conclusion: A Resilient Start to 2025 for Evoke
Despite ongoing challenges in the UK market, Evoke’s solid international performance, enhanced operational efficiencies, and strategic migrations have set a strong foundation for FY2025. With encouraging signs of recovery across both digital and retail channels, the group is well-positioned to build on its transformation journey in the quarters ahead.