Review: R.O.I. (Return On Investment) (Hampstead Theatre)

Review by Daz Gale

⭐️⭐️⭐️⭐️

Though more attention is given to Hampstead Theatre’s main space upstairs, it is their more intimate studio space downstairs that has proved more exciting and unpredictable recently, with the groundbreaking A Ghost In Your Ear earlier this year, and outstanding Letters From Max last year, both five-star smashes that wowed me. It is with this impressive track record that had me feeling optimistic for their latest offering, R.O.I. (Return On Investment), but would this theatre’s investment in exciting programming pay dividends and wow me once more on my return visit?

R.O.I. (Return On Investment) centres on venture capitalist May Lee as she hunts for her first unicorn (a start-up with a valuation of one billion dollars). When she meets young entrepreneur Willa McGovern, she is convinced she is exactly what she has been looking for, and gets her mentor, Paul, on board. Their ambition soon comes to fruition, with Willa’s medical business aiming to do good in the world and even curing cancer. Moving into the near future, loyalties, betrayal, ethics and ego all come into play as not everyone’s motives appear to be exactly what they seem. With May’s own medical history always in the back of her mind, would this prove to be a step forward for the human race, or could this latest development have disastrous consequences?

Written by Aaron Loeb, R.O.I. is an intriguing fusion of multiple genres. Beginning in our recent history (post-pandemic, to be precise) and leaping into a future we have not yet seen blurs the line between science fiction and a sobering reality, as nothing we witness seems beyond the realms of possibility. It is in the more surprising elements that the relevance of the play is realised, with themes that are incredibly timely given current events. Seemingly off-the-cuff inappropriate remarks increase in frequency, with racist undertones becoming increasingly harder to ignore. It is this issue of billionaires funding the far-right movement that poses one of the more ethical questions at the heart of the play - if someone has the power to change the world for the better, where do we draw the line? How much is too much, and at what cost are we prepared to move forward? It is thought-provoking stuff, and incredibly well-balanced as both sides argue their merits for the case.

That might sound a bit heavy, but R.O.I. also has a smattering of humorous moments, particularly in the early moments, before the darker aspects of the story grow. Though Loeb gets the humour right, it is in the seriousness of the story that allows this play to excel. With medical conditions leading to people dying a prominent part of the story, it all gets very personal with one character, with devastating consequences. Without spoiling anything, there is a twist that comes into play at some point that changes everything, questioning what we perceive as real, and it is extremely effective in its execution. Loeb’s story is full of riches that pay off at every opportunity, no matter how much prior knowledge you have about business, investment or medicine.

Chelsea Walker’s direction finds all of the extremities in Loeb’s writing, and ensures they are played out for maximum impact, making full use of Hampstead Theatre’s intimate studio space, feeling even more claustrophobic in this configuration and allowing for a more intimate connection to the story. Rosie Elnile’s design hides secrets in a wall that reveals itself to transform the set effectively, with a particularly striking use of video design from Hayley Egan. Running at a speedy 90 minutes with no interval, it is a testament to Walker’s fearless direction that time passes in the blink of an eye, leading to a production that captivated me from start to finish.

Lloyd Owen delivers a fantastic performance as May’s eccentric boss and later business partner, Paul. Acting somewhat as a peacekeeper at times, he always seems to chip in with the right quality to lighten the mood with a great use of comic timing and an air of authenticity and confidence to his performance. Letty Thomas is compelling as Willa, going on a journey in her character and showcasing strength and versatility in her acting choices as the character grows and her true colours come out. It is a deliberately understated performance, with clipped dialogue tapping into the no-nonsense and ambitious approach of the character, expertly played by Thomas. Though she is in the play very fleetingly, Sarah Lam’s performance as The Woman proves extremely memorable, though to say any more would be to spoil too much.

The undoubted star of R.O.I., however, is Millicent Wong in her mesmerising turn as May. A young go-getter, she seems to be the glue that holds everything together, seemingly being the bridge between Paul and Willa. One of the great aspects of the writing is in how the dynamics between the three characters change, and Wong is always at the heart of this, thrilling with a performance that can be urgent at times and always believable in its approach. As the play becomes more intense, so too does May’s character, and this is where Wong’s magnificent talent comes into its own. Navigating the story to its climax, Wong’s final appearance is a standout moment and a testament to her own abilities as a performer.

R.O.I. (Return On Investment) is a thrilling and unpredictable ride from start to finish. Taking the audience on a speedy journey through the present day and the future, its ability to touch on timely themes and blur the lines between science fiction and seeming inevitability makes for a truly powerful watch in a story that is far bigger than the space it is in. Though it features some outstanding performances, the real star here is Aaron Loeb’s writing, full of twists and turns that will keep you compelled throughout. As R.O.I. questions the cost of progress, Hampstead Theatre’s latest investment proves more than worthwhile in a play rich with ideas, building to an almighty payoff.

R.O.I. (Return On Investment) plays at Hampstead Theatre until 11th April. Tickets from https://www.hampsteadtheatre.com/whats-on/2026/r-o-i-return-on-investment/

Photos by Marc Brenner