evoke Revenue Falls 7%, Takeover On Track

evoke (LSE: EVOK), the owner of William Hill, 888 and Mr Green, reported a 7% fall in third-quarter revenue to £406m in a trading update today. The figures cover the three months ended 30th of September.

The 7% fall is the reported figure. On a like-for-like constant-currency basis, revenue was down 2%. That measure translates both years at 2026 exchange rates and adjusts the prior year for closed stores, removing the effect of about 270 fewer retail shops than a year earlier.

Sports results also weighed. Particularly customer-friendly outcomes at the start of the football season were roughly a 1-2 percentage point headwind to year-over-year revenue growth. On a normalised basis, which also reflects expected sports margins, revenue was broadly stable.

The takeover is the bigger issue for shareholders. evoke said the recommended acquisition by Bally’s Intralot S.A. remains on track, with both sets of shareholders having passed the required resolutions and the majority of regulatory approvals received.

Subject to the remaining conditions being satisfied or waived, completion is expected late in the fourth quarter of 2026 or early in the first quarter of 2027. Chief executive Per Widerström said the company remains focused on disciplined execution and operational efficiency until then.

He also tied the shop closures to tax:

“On an underlying basis the business continues to show resilience and reflects our continued emphasis on profitability and cash generation following the substantial increases in gaming duties, particularly in the UK. The closure of 270 shops over the past year shows the real impact on jobs and livelihoods from higher industry taxation, and we urge the UK Government to carefully consider any further increases ahead of its forthcoming Autumn Budget.”

Per Widerström, chief executive of evoke

For holders, the completion timetable and the Autumn Budget, rather than quarterly growth, are the points to watch.