Evoke Plc has reported a solid 2024 performance, with a marked improvement in the second half of the year. Despite a challenging start, the company saw a significant boost in H2, where revenue grew by 8%, compared to a 2% decline in H1. The company’s online sector led this growth, contributing to the total revenue of £1.754 billion, a 3% increase year-on-year. Adjusted EBITDA grew by 4% to £312 million, largely driven by H2 performance, with the second half accounting for 63% of the total EBITDA for the year.
“2024 was a pivotal year for Evoke as we launched and implemented our new strategy for success, radically transforming almost every area of the business and moving decisively to create a more sustainable, profitable, and cash-generative company”, said Per Widerström, CEO of Evoke. Despite a dip in overall EBITDA, the company’s continued focus on operational efficiency and product evolution has set the stage for future profitability. The firm’s international revenue rose 7.3%, reaching £555.2 million, and adjusted EBITDA in international markets increased by 30.8%.
Evoke’s International Expansion: Growth in Italy, Spain, and Romania
Evoke’s international operations were integral to the company’s 2024 success. The firm reported 7.3% growth in its international revenue, driven by its key markets in Italy, Spain, and Denmark, along with the recent addition of Romania. The acquisition of Winner.ro has established Romania as a core market, contributing to its overall international performance. 
Widerström added: “We remain laser-focused on our core markets of the UK, Italy, Spain, Romania, and Denmark. These markets – where we have strong brands and market positions – now represent approximately 90% of our revenue, with each boasting attractive long-term growth potential, high barriers to entry, and established regulatory frameworks”.
Evoke’s international success has been driven by its focus on regulated markets, with an eye on maintaining a strong brand presence in regions with high barriers to entry. With these markets continuing to outperform expectations, the company is well-positioned to continue its upward trajectory in 2025.
Challenges in UK Retail Market: Evoke Focuses on Retail Reset
While Evoke’s online business performed strongly, its UK retail operations faced a decline, with revenue falling 5.4% to £506.1 million. The retail segment has been a focus for the company, and Evoke has launched a major retail reset. This includes the rollout of new gaming machines, which have shown signs of success, particularly during key events like Cheltenham week.
Despite these short-term challenges in retail, Evoke remains optimistic about 2025, targeting a revenue growth of 5% to 9%, along with a minimum adjusted EBITDA margin of 20%. The company’s ongoing investments in AI and automation will continue to drive efficiencies across both its online and retail operations.
Evoke’s 2025 Strategy: Sustainable Growth and Profitability
Looking ahead to 2025, Evoke aims for sustainable, profitable growth, with a focus on its core markets, operational efficiencies, and further product innovations. The company’s plan to achieve a 5-9% increase in revenue and further cost savings is underpinned by its continued focus on high-quality revenue and customer experience improvements.
“2025 is shaping up to be another exciting year for Evoke. While Q1 revenue growth is expected to be low single digit, we remain highly confident in our full-year expectations of 5–9% growth, in addition to driving further margin expansion through our more efficient operating model. Our exciting product pipeline, continued UK retail optimisation programme, and ever-improving capabilities around data and personalisation all reinforce my confidence in making further progress in 2025 as we continue to execute against our plans to create significant shareholder value.”
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