Evoke plc has reported £862.0 million ($1.1 billion) in revenue for the first half of 2024, representing a 2 percent decline from the same period last year.
Adjusted EBITDA fell 26 percent to £116.0 million ($149.2 million). The company also reported a post-tax loss of £143.2 million ($184.2 million), compared to a £32.5 million ($41.8 million) loss in the first half of 2023.
“As I said in our July trading update, while the financial performance in the first half was disappointing and behind our initial plan, the underlying health of the business is continually getting stronger,” Per Widerström, CEO of Evoke, said in a news release.
This year, Evoke is undergoing a rebrand from 888 and has made several changes to its executive leadership team, including naming Anne Sewell as Chief People Officer and Ian Gallagher as Chief Product Officer.
“The corrective actions we have already taken give us even more confidence that our strategic approach is sound and that we will achieve sustainable success,” Widerström added.
The company expects the measures to deliver around £30 million ($38.6 million) in cost savings by the end of fiscal year of 2024, including revenue growth of between 5 and 9 percent for the second half of the year.
“We are completely transforming this business. While the scale of change is significant, it is necessary for us to deliver mid and long-term profitable growth and value creation,” Widerström added.
