Evoke (LON: EVOK) Shares Gain on Strong H1 Results

Evoke (LON:EVOK) shares rose more than 3% on Wednesday to 64.4 pence after the betting and gaming group reported a fourth consecutive quarter of growth and sharply improved profitability in the first half of 2025. 

The stock is down 0.1% year to date but up 15% over the past 12 months.

Revenue for the six months to June 30 rose 3% to £888 million, with international revenue up 13% and more than double the adjusted EBITDA from a year earlier. 

UK and Ireland online revenue fell 1% due to the absence of last year’s Euros and a shift in marketing approach, but profitability improved 37% to £60 million. 

Retail revenue dipped 2% but returned to growth in the second quarter after the rollout of 5,000 new gaming cabinets.

Adjusted EBITDA rose 44% to £166 million, driven by higher gross margins, reduced marketing costs and operational efficiencies. Reported EBITDA more than tripled to £141 million due to lower exceptional items. Leverage fell to 5.0 times from 6.7 times a year earlier.

Chief Executive Per Widerström said: “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.”

Evoke maintained its full-year guidance for revenue growth of 5-9% and an adjusted EBITDA margin of at least 20%, with further improvements in profitability expected in the second half.