Evoke (LSE:EVOK), the betting and gaming group behind William Hill, 888 and Mr Green, reported group revenue of £887.5m for the six months to 30 June, broadly flat year-on-year and up 2% on a like-for-like basis once around 270 fewer retail shops are stripped out.
Adjusted EBITDA fell 9.5% to £150.2m, driven by a £46m year-on-year increase in gaming duties, predominantly in the UK.
The group said mitigation measures, including tighter marketing spend, improved promotional efficiency and operational cost savings, offset more than half of that gross duty increase.
UK&I Online revenue rose 4%, with gaming up 7% on continued strength at William Hill, while 888 revenue declined as evoke prioritised profitability over volume.
International revenue fell 2%, with growth of 21% in Italy and 13% in Denmark offset by weaker trading in Spain, Romania and other markets.
Retail revenue rose 4% like-for-like following the rollout of new gaming machines and 2,000 self-service betting terminals, though reported retail revenue fell 3% on the smaller estate after around 200 shop closures in May.
The reported loss after tax was £70.2m, reflecting lower EBITDA alongside non-cash amortisation and finance costs tied to the William Hill acquisition.
"The first half demonstrated the resilience of the business in a significantly more challenging operating environment following substantial increases in gaming duties introduced across some of our core markets, most notably in the UK," said chief executive Per Widerström.
"We responded decisively, focusing on the areas within our control."
The board is not issuing forward-looking guidance given the pending recommended acquisition by Bally's Intralot, agreed on 5 June, with shareholder votes scheduled for 17 August and completion still expected in the fourth quarter of 2026 or the first quarter of 2027.
Cash excluding customer balances stood at £105.6m, with net leverage rising to 5.6 times from 5.2 times at the last year-end.
News Intelligence what this means for the company
Evoke held revenue flat in H1 2026 despite a £46m year-on-year surge in UK gaming duties, offsetting more than half the hit through cost discipline and marketing efficiency. The company's adjusted EBITDA fell 9.5% to £150.2m, and net leverage rose to 5.6x from 5.2x at year-end, reflecting the weight of duty increases and the William Hill acquisition debt. With shareholder votes scheduled for 17 August on the Bally's Intralot takeover and completion expected in Q4 2026 or Q1 2027, the board is withholding forward guidance, leaving investors to assess near-term momentum in isolation.
The duty headwind is real and structural—a £46m annual hit is material against £150.2m adjusted EBITDA—but Evoke has demonstrated it can absorb roughly half through operational levers. The pending acquisition removes near-term strategic optionality; investors are now betting on deal completion and the combined entity's ability to navigate UK regulatory cost inflation under new ownership.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
etoro's Mark Crouch says Evoke's interim shows there is a business worth fighting for, but the group arguably lacks the financial firepower to sustain itself indefinitely.
Crouch warns net debt is approaching £1.9bn and leverage has climbed to about 5.6x, making the proposed Bally's Intralot takeover increasingly critical to the company's long‑term viability. The analyst added that investors have weathered years of false dawns and strategic resets, so the deal's smooth progression carries added urgency for stakeholders hoping it finally delivers value.
