The gambling group behind William Hill reported a first-half loss of £143 million as it paid the price for the debt-fuelled £2 billion takeover of the British bookmaker.
The reported post-tax loss from Evoke reflects a slump in its underlying earnings plus the impact of accounting charges and finance costs relating to the largely debt-funded acquisition of William Hill.
Evoke, formerly 888 Holdings, also incurred £72 million of exceptional items and adjustments, mainly linked to the company’s exit from its American business and continuing integration and transformation costs.
Evoke changed its name in May and since October has changed nine out of eleven members of its executive leadership team as it seeks to shake things up. It estimates that the measures will save £30 million