Evolution Reports Strong Q1 2023 Results with Plans to Release Over 100 Games This Year
LISTEN TO THIS ARTICLE:Evolution has reported a strong first quarter of 2023, with operating revenues increasing by 31.5% to €429.6 million compared to the same period last year.
The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 30.7% to €300.2 million, with a margin of 69.9%. The profit for the period amounted to €251.2 million, and earnings per share before dilution amounted to €1.18.
Evolution's CEO, commenting on the results, stated that the growth in the live casino segment was particularly strong. 36.1% increase in live casino sector revenue compared to the same period last year. The RNG segment delivered €69.5 million in revenue, only a slight increase compared to the same quarter last year.
However, the CEO expressed confidence that the RNG segment would improve, and the company is working to enhance its performance.
Evolution's priority is to grow its top line, but it also aims to do so in a profitable way. The company's focus is always on delivering new, exciting playing experiences to its players, and it plans to release over 100 games in 2023, with the release pattern backend loaded to the second half of the year.
The company also reported a positive effect on margin development due to high demand and cost control and the launch of Red Tiger's unique timed jackpots in the US. Evolution plans to continue investing, recruiting, and pushing for growth, despite the macroeconomic challenges faced.
The firm's regional revenue table has been updated to better reflect how the company works with different regions. Europe, including Nordics and UK, represents some 40% of total revenue and reported strong growth of 14% in the first quarter compared to last year. The region is more mature, characterized by lower growth rates than the other regions, but it still has a large potential for Evolution.
Asia and North America reported strong growth of 49% and 56%, respectively, while LatAm made up 7% of the company's total revenue in the quarter.
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