Business
H1 2024 Interim Results
H1 2024 Interim Results.
About this update from Evoke Plc
[{"type":"text","content":"\n\n \n\n15 August 2024\n\nevoke Plc\n(\"evoke\" or \"the Group\")\n \nH1 2024 Interim Results\nCurrent trading consistent with 5-9% H2 revenue growth target \nShort-term actions to drive improved trading together with significant strategic and operational progress supports future profitable growth in H2 and beyond as well as delivery of the value creation plan\nevoke (LSE: EVOK), one of the world's leading betting and gaming companies with internationally renowned brands including William Hill, 888 and Mr Green, today announces its interim results for the six-months ended 30 June 2024 (\"H1-24\").\n\n\n\n\n \n\n\nReported\n\n\nAdjusted1\n\n\n\n\n£ millions\n\n\nH1 2024\n\n\nH1 2023\n\n\nYoY%\n\n\nH1 2024\n\n\nH1 2023\n\n\nYoY%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n862.0\n\n\n881.6\n\n\n-2%\n\n\n862.0\n\n\n881.6\n\n\n-2%\n\n\n\n\nEBITDA1\n\n\n43.8\n\n\n130.8\n\n\n-67%\n\n\n115.5\n\n\n155.6\n\n\n-26%\n\n\n\n\n(Loss) / profit after tax\n\n\n(143.2)\n\n\n(32.5)\n\n\n341%\n\n\n(29.9)\n\n\n11.8\n\n\nnm*\n\n\n\n\n(Loss) / earnings per share (p)\n\n\n(31.9)\n\n\n(7.3)\n\n\n337%\n\n\n(6.7)\n\n\n2.6\n\n\nnm*\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n*nm means not a meaningful figure\nFinancial highlights:\n· H1-24 financial performance in-line with July 2024 Trading Update:\n· Revenue of £862m, down 2% year-over-year but up 4% sequentially on H2 2023. The year-over-year decline was primarily driven by UK Retail being down 8%, with UK&I online up 1% and International broadly flat\n· Adjusted EBITDA of £116m, with Adjusted EBITDA margin of 13.4%, in-line with the 13-14% range given in the July 2024 Trading Update. The 26% year-over-year decline was driven by the reduced revenues (particularly in Retail given the fixed cost base) together with lower gross margin, primarily as a result of country and product mix changes, with the ongoing improvement in the sustainability and quality of the business mix\n· Marketing increased by £16m (12%) year-over-year, with a temporarily elevated online marketing ratio of 25%, with a significant shift in both commercial team and approach since. Other operating costs decreased by £3m (1%) year-over-year with the benefits of the previously announced £30m ...