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Evolution Records Revenue Growth in 2022 Financial Year

Posted on February 9, 2023 | 6:29 am

Evolution, the world’s biggest supplier of live casino software and content both for online and land-based casinos, has revealed its results for the 2022 financial year and the numbers show substantial growth across all key areas.

The company’s operating revenue for the twelve months ended on 31 December amounted to 1.46 billion euros, a figure which represents an increase of 36.3 percent over the 1.07 billion that were generated in the previous year.

Most of the revenue came from Evolution’s live casino portfolio, which was responsible for 1.19 billion dollars of all revenue generated during the 2022 financial year. That represents an increase of 41.6 percent over the previous year and it was mainly due to increased commission income both from new and existing customers.

After having acquired slot providers such as Red Tiger and NetEnt, Evolution is also growing on the random number generator (RNG) games market. In fact, in 2022 the revenue from RNG games went up 17 percent compared to the previous year, amounting to 268.4 million euros.

During 2022 Evolution made another big acquisition in this field, that of Nolimit City, which was completed in August. Nolimit City

Evolution’s business in 2022 was also strengthened by the acquisition of NoLimit City, which was completed in August. Nolimit City became the fourth slots brand in Evolution’s portfolio after Big Time Gaming, NetEnt and Red Tiger.

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Healthy Profit Recorded

Evolution’s operating expenses also increased in 2022, amounting to 548.7 million euros. That figure is 32.3 percent higher than what the company spent during the previous year, but the solid revenue allowed the supplier to post a pre-tax profit of 906.6 million euros, 40 percent higher than in 2021.

The company had to pay 63.2 million euros in tax, meaning that it wrapped up 2022 with a net profit of 843.4 million euros, a figure that represents an increase of 39.3 percent year-on-year.

Moreover, Evolution revealed that its earnings before interest, tax, depreciation and amortization (EBITDA) was 37.3% higher than in 2022, amounting to an impressive 1 billion euros for the year.

Speaking about the results, Martin Carlesund, the Chief Executive Officer of Evolution, was particularly pleased and pointed out that 2022 was a difficult year for the industry due to the war in Ukraine, increasing inflation, lower consumer confidence and remaining pandemic effects on supply chains. The Evolution CEO also revealed that in 2023 the company plans to release over 100 new games.

SOURCE“Year-end Report 2022“Evolution. February 2, 2023.

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