Evoke plc, one of the world’s leading betting and gaming companies, announced its interim results for the first half of 2024, showing progress despite challenges. The company remains confident in its strategy for future growth.

• evoke reported a revenue of £862 million in H1 2024, a 2% decline from last year. However, this was a 4% improvement from H2 2023.
• Adjusted EBITDA came in at £116 million, reflecting a 26% year-over-year decrease. The drop was due to lower revenues and a shift in country and product mix.
• Marketing expenses increased by £16 million, up 12% from the previous year. This rise was mainly due to a focused effort on online marketing, which is expected to stabilize in the second half.
• Operating costs were reduced by £3 million, benefiting from a cost optimization program. The full impact of these savings is anticipated in the latter half of 2024.
• The reported EBITDA decline was influenced by £72 million in exceptional items. These included costs related to exiting the US B2C market and ongoing integration efforts.
• As of June 30, 2024, evoke had £116 million in cash, with total liquidity nearing £300 million. This provides the company with a strong financial position to support future initiatives.
• evoke launched a new strategy and value creation plan in March 2024. The plan focuses on long-term growth through improved customer value propositions and competitive advantages.
• The company restructured its operations to streamline decision-making. This reorganization is expected to deliver £30 million in targeted cost efficiencies by the end of 2024.
• A new executive leadership team was established, with significant changes since October 2023. This team is set to drive a cultural shift towards faster decision-making and enhanced execution capabilities.
• New product launches and brand repositioning efforts are showing positive results. These include strong growth for Mr Green in Denmark and ongoing improvements for William Hill.
• For the second half of 2024, revenue growth is expected to be within the 5-9% target range. Profitability is also anticipated to improve significantly, driven by cost savings and better marketing strategies.
• The company remains on track to meet its long-term financial goals. This includes a target of at least 20% Adjusted EBITDA margin by FY25 and continued revenue growth of 5-9% annually.

CEO Per Widerström expressed confidence in the company’s strategic direction, emphasizing the ongoing transformation aimed at delivering sustainable growth and value creation in the future.