Evoke said its first-half revenue was steady at £887.5 million in 2026, while adjusted EBITDA fell 10% to £150.2 million as higher gaming duties weighed on profits. The William Hill owner said reported revenue was flat year on year, but like-for-like revenue rose 2%, and the loss after tax was £70.2 million, broadly unchanged from a year earlier.
According to Reuters, the main drag was a £46 million rise in gaming duties, driven mostly by the UK and also by Romania and Italy. Evoke said more than half of that gross hit was offset by lower marketing spend, improved promotional efficiency and operational savings. Reported EBITDA fell 12%, reflecting those duty costs as well as slightly higher exceptional charges tied mainly to the retail closure programme and a strategic review.
Evoke said its UK and Ireland online business nevertheless delivered strong growth, with revenue up 4% and gaming revenue up 7%, helped by continued strength at William Hill. It also said UK and Ireland online adjusted EBITDA increased 28% despite the new UK duty rates that took effect on 1 April.
Retail was more resilient than the headline reported figures suggested. Like-for-like retail revenue rose 4%, but reported retail revenue fell 3% because the estate was smaller, with about 270 fewer shops than in the prior-year period and roughly 200 closures in May. The company said the segment was helped by the prior-year rollout of gaming machines and improvements to self-service betting terminals, including 2,000 new cabinets.
International trading was mixed. Overall international revenue declined 2%, with Italy up 21% and Denmark up 13%, offset by weaker performances in Spain, Romania and the rest of the world. Evoke also said revenue from 888 fell because the group was prioritising profitability and customer economics rather than lower-return volume.
The balance sheet remained under pressure. Evoke ended June with £105.6 million in cash excluding customer balances and about £150 million of total liquidity, including £43 million of undrawn revolving credit. Net leverage rose to 5.6 times from 5.2 times at year-end, reflecting both the higher duty burden and an increase in net debt of about £37 million.
The first half also unfolded against a strategic review that led, on 5 June, to a recommended acquisition by Bally’s Intralot. Evoke said that review followed the sharp increase in UK gaming duties announced in November 2025, and it will not give forward guidance while the deal is pending. Shareholder, regulatory and other approvals are still needed, including court and general meetings scheduled for 17 August.
