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Evolution Records Increasing Revenue in First Quarter of 2023

Posted on May 3, 2023 | 10:24 am
evolution_records_429_5m_in_revenue_for_q1_2023

Evolution, the world’s most prominent supplier of live dealer games for online casinos, has published its financial results for the first quarter of 2023 and the numbers show increasing revenue and EBITDA (earnings before interest, taxes, depreciation and amortization).

The company’s revenue for the first three months of 2023 amounted to 429.6 million euros, a figure which represents an increase of 31.5 percent compared to the same period of last year, when the supplier generated 326.8 million euros in revenue.

Evolution’s live casino division brought in the vast majority of the company’s revenue, 360.1 million euros in the first three months of 2023, representing an increase of 36.1 percent compared to the first quarter of 2022. The respective increase was motivated by the company through increased income from commissions from existing customers but also through new partnerships.

The company also recorded increasing revenue from the RNG (random number generator games) sector, amounting to a total of 69.5 million euros for the first three months of the year. That figure is 11.6 percent higher than the respective period of 2022. One of the contributors to that revenue was Big Time Gaming, the Australian company that was acquired by Evolution in 2021.

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Significant Profit

Evolution’s expenses also went up quite significantly during the first quarter, the total amount was 158.1 million euros, which was 32.1 higher than the first three months of 2022. However, the company recorded a significant pre-tax profit of 270.1 million euros, up 27.8 percent year-on-year.

The total taxes paid amounted to 18.9 million euros, so that left Evolution with a net profit for the quarter of 251.2 million euros, 27.1 higher than the first three months of 2022. Moreover, earnings before interest, taxes, depreciation and amortization (EBITDA) also went up by 30.7 percent to a total of 300.2 million euros.

Martin Carlesund, the Chief Executive Officer of Evolution, revealed that his company is pursuing to grow even further during the coming month and declared that he is “convinced” the RNG sector can deliver better results. 

“We have high ambitions, and we are acting on a growing market,” Carlesund explained. “We are a profitable, strong, all-equity financed company making money at present and we are focused on growing. We will continue to invest, recruit and push for growth even though we currently face a tougher macro-economic climate.”

The Evolution CEO also revealed that the company has continued to invest in its existing studios and added that there are plans to start working on “one or two additional studios” in 2023.

Source“INTERIM REPORT | JANUARY–MARCH 2023“, evolution.com, April 27, 2023.

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