The London-listed gambling group has reported a post-tax profit for H1.
UK.- Evoke Plc has reported optimistic first half results, returning to profit after a £29.9m loss in the same period last year. The former 888 Holdings reported a post-tax profit of £5.4m, driven by improved profitability across key brands, particularly William Hill.
Revenue for the six months was up by 3 per cent year-on-year at £888m, while EBITDA tripled to £141m. Statutory losses were £64.7m compared to £143m in H1 2024. These were attributed to strategic investments, debt servicing, and amortisation of legacy assets from 888 and William Hill. Evoke noted that it had lowered its leverage ratio from 6.7x to 5.0x.
Retail revenue continues to decline
The UK retail segment continued to face headwings, with revenue down by 2.4 per cent to £252.2m and EBITDA down 22.1 per cent to £29.6m. The group highlighted its rollout of 5,000 new gaming machines in Q2 to help shore up the business, leading to signs of growth by the end of the period.
CEO Per Widerström said the group had underinvested in self-service betting terminals (SSBTs) but not planned to upgrade SSBTs and increase density in strategic locations. Alongside better pricing and promotions, this is intended to boost the competitiveness of retail outlets.
Online revenue dipped by 1 per cent to £336.2m but EBITDA rose by 37.3 per cent to £60m. The William Hill app was the growth driver here, while 888sport saw a decline in revenue amid lower marketing spend.
International operations performed well, particularly Italy, Spain and Romania, the latter aided by the acquisition of the Winner brand. The four core international markets of Italy, Spain, Denmark, and Romania now represent 71 per cent of group revenue. Combined revenue for H1 rose by 13 per cent to £299.4m and adjusted EBITDA reached £86 million.
Evoke said it planned to invest more in its 888AFRICA joint venture, targeting regulated markets such as Kenya, Tanzania, Mozambique and Zambia. It’s also investing in AI and automation, particularly in compliance and customer lifecycle management. Widerström said the tech is already enhancing marketing and segmentation, leading to a 11 per cent year-on-year increase in average revenue per user.
The company has reaffirmed its full-year guidance, projecting revenue growth between 5 and 9 per cent, and an adjusted EBITDA margin of at least 20 per cent.
“We’ve built a solid foundation in the first half,” Widerström said. “Now it’s about accelerating progress, executing with precision, and delivering sustainable growth that benefits our shareholders.”
Source: Focusgn.com