Evoke Plc has returned its online unit to growth but has chosen to revise down its full-year guidance due to weaker revenues and adjusted EBITDA forecast.
The LSE gambling group published its H1 interim results in which it detailed that Q2 trading was broadly stable sequentially on a year-on-year basis, helping the firm make strategic progress on its value creation plan launched in March 2024.
Headline results saw Evoke generate H1 revenues of £862m, down 2% on 2023 comparatives of £882m.
The LSE firm provided no fixed H1 EBITDA result but informed investors that period trading was “£35-40m behind our original plan, driven by the revenue miss vs. expectations, and the timing of cost saves.”
A breakdown of units saw Evoke’s UK&I online business ‘return to growth,’ generating a +1% increase in H1 revenues to £339m, results boosted by a “6% increase in Q2 gaming.”
Though generating UK revenue growth, accounts revealed that UK EBITDA is £20m behind plans “due to lower than expected returns from planned marketing overspend, particularly Cheltenham, and revenue improvement slightly lagging plan.”
Challenging conditions continue to trail the William Hill retail unit, which registered an 8% decline in revenues to £258m (H12023: £279m), with an estimated EBITDA impact of -£10m.
Evoke has moved to address the performance of William Hill, in which it’s deemed that the “customer offering is falling behind competition.” William Hill will undertake a change in leadership alongside an overhaul of its gaming machines and SSBT products, in-store payments, and sports broadcast offering.
The firm’s International unit maintained H1 revenues stable at £265m, noting positive +4% constant currency growth in the core markets of Italy, Spain, and Denmark. However, the International unit performance was offset by the adjustment of Evoke terminating its North American market JV during H1 trading.

Group CEO Per Widerström commented: “We are focused on mid and long-term profitable growth and value creation and during the first half we have made bold, decisive changes to improve almost every area of the business.
“We are undertaking a complete reset and transformation of the business, and the scale of change is significant but necessary. This transformation will take time but will enhance operational efficiency, leading to a bigger, more profitable, and more cash-generative business in the future.”
Of strategic significance, H1 trading saw Evoke refinance its corporate debt facilities that were extended by two years to a maturity of £400m by 2030. The transaction aligns Evoke’s debt currencies and underlying cash, which stands at £116m, with a total liquidity of £300m including credit facilities.
Though interim EBITDA remains £35m-to-£40m behind planned forecasts, Evoke’s revenue outlook remains positive for H2 trading, “anticipated to align with the medium-term guidance of 5-9%.”
Leadership has implemented a new cost optimisation program which aims to deliver the planned £30m savings within the year, primarily in the second half. Returns are expected to provide an additional benefit of approximately £5-10m in the second half compared to the first half.
CEO Widerström concluded: “Our strategy defines what good looks like and how we get there, and while no journey is ever straightforward, we have learnt a lot already so far this year as we pursue our goals. Whilst it is disappointing that the first-half financials are behind our plan, the underlying health of the business is getting stronger, and the corrective actions we have already taken make us even more confident that our strategic approach is sound and will achieve sustainable success.
I am really pleased with the strategic progress we have made so far and I’m confident this will set us up for profitable growth in H2 2024 and beyond as we continue to invest for the mid and long-term with high conviction. Our plans for 2025 and beyond are unchanged and the strategic and operational progress we have made during the first half gives me increased confidence about delivering our value creation plan.”