William Hill owner Evoke PLC (LSE:EVOK) reported a 2.2% year-over-year decrease in revenue for the first half of 2024, amounting to £862 million.
The company also saw a significant drop in adjusted EBITDA, which fell by 25.8% to £115.5 million.
This decline in revenue and profitability was primarily driven by a 7.5% decrease in UK retail revenue and increased costs.
Evoke’s reported loss after tax reached £143.2 million, a sharp increase from the £32.5 million loss recorded in H1 2023.
The company has responded with a £30 million cost-saving program and has made strategic pivots in several key areas to address underperformance and improve results in the second half of the year.
Chief executive Per Widerström stated: "The corrective actions we have taken make us even more confident that our strategic approach is sound and that we will achieve sustainable success in the future."
Evoke’s share price reaction to today’s update suggested a degree of confidence in Widerström’s comments, with the stock adding 2.6% in opening Thursday trades.