Evoke boosts profits but takes hefty UK duty hit as takeover talks progress

888 Holdings ( (GB:EVOK) ) has shared an update.

Evoke reported a second consecutive year of adjusted profitable growth in 2025, with revenue up 2% to £1.78bn and adjusted EBITDA rising 14% to £356.2m, driven by stronger online gaming, tighter marketing spend and cost efficiencies, despite UK&I online and retail revenues edging lower. The group booked £440.3m of non-cash impairments tied to higher UK gambling duties and weak high street conditions, pushing it to a £549.1m statutory loss, and is closing about 270 UK betting shops while pursuing deleveraging and a strategic review that includes ongoing takeover talks with Bally’s Intralot S.A. at 50p per share, amid a challenging regulatory and competitive backdrop.

The company said Q1 2026 trading is in line with expectations, with solid UK online growth led by William Hill and continued gains in Italy and Denmark offset by pressure in Spain, Romania and other markets. Management is prioritising profitable growth, cash generation and balance-sheet repair, has withdrawn formal guidance while the strategic review continues, and expects UK duty hikes to keep leverage elevated for longer even as it targets at least 50% mitigation of the tax impact through cost discipline and operational changes.

The most recent analyst rating on (GB:EVOK) stock is a Hold with a £35.00 price target. To see the full list of analyst forecasts on 888 Holdings stock, see the GB:EVOK Stock Forecast page.

Spark’s Take on EVOK Stock

According to Spark, TipRanks’ AI Analyst, EVOK is a Neutral.

The overall stock score is primarily influenced by financial performance and technical analysis. Despite strong revenue growth, the company faces significant profitability and financial stability challenges. The technical indicators suggest a bearish trend, and valuation metrics are unfavorable due to ongoing losses.

To see Spark’s full report on EVOK stock, click here.

More about 888 Holdings

Evoke plc is a London-listed betting and gaming group whose brands include William Hill, 888 and Mr Green. The company operates online and retail sportsbooks and casinos across the UK, Europe and selected international markets, with a growing focus on gaming-led revenues and data-driven, in-house technology to improve efficiency and customer engagement.

Average Trading Volume: 1,830,337

Technical Sentiment Signal: Sell

Current Market Cap: £183.8M

See more insights into EVOK stock on TipRanks’ Stock Analysis page.