Evoke announced its financial results for the first half of 2025, with revenues reaching 887.8 million pounds (approximately 1.2 billion US dollars), a year-on-year increase of 3%. Although the growth was modest, the significant improvement in EBITDA boosted market confidence. Driven by the news, the stock price rose by 6% on the day, from 0.63 pounds to 0.66 pounds.
Analysts generally endorse Evoke's internationalization strategy. Deutsche Bank noted that while the growth in the UK online business was flat (William Hill performed steadily, but the 888 brand saw a decline in revenue), core international markets—Italy, Spain, Denmark, Romania—saw a revenue increase of 20.5%. Coupled with the optimization of non-core markets and the exit from the US B2C business, the international division's EBITDA doubled, now contributing 52% to the group's EBITDA. Deutsche Bank maintained a "buy" rating with a target price of 1.08 pounds.
The British investment bank Peel Hunt also gave a "buy" rating with a target price of 1.10 pounds, noting that the international business performed exceptionally well (contributing 49% to EBITDA) and that a decrease in leverage ratio would attract more investors. The bank expects that under the leadership of the new management team, Evoke is likely to accelerate its growth.
Overall, Evoke's business focus is shifting from being highly dependent on the UK to a diversified layout, and exiting the high-cost US market is seen as a key step in freeing up resources and accelerating global expansion.
