Evolution Gaming Releases Interim Report

Staff Writer Industry News, Evolution 898

Premium provider of online casino solutions with a particular focus on live dealer services – Evolution Gaming – has issued an interim report detailing financial numbers and achievements from January to September 2018, with a particular focus on the third quarter.

High Demand and Good Growth

With little over two months remaining in 2018, Evolution Gaming can already look back at a year in rearview and rightfully claim it’s been historic for the company, as stated by CEO Martin Carlesund.

“Evolution continues on its course to strengthen its leadership in the market by providing the very best products and services that one may find. I, together with all our employees, look forward to our continued progress with confidence,” he said.

Having already recorded a higher than expected growth in a number of Evolution Gaming tables across the globe and, in particular, having launched a new studio in New Jersey, the company has also passed the 5,000-employee mark and announced its Malta expansion for 2019.

Numbers Going Up

Evolution Gaming’s Interim Report states the company has seen its operating revenues increase by 41% to €64.3 million in the third quarter, compared to last year’s €45.7 million. EBITDA increased by 28% to €28 million which corresponds to a growth margin of 43.5%.

As far as the profits go, the third quarter resulted in an increase of close to €5 million. Compared to last season’s profits worth €16.8 million, the company now boasts €21.2 million. Earnings per share amounted to €0.59 compared to last year’s €0.47.

Overall growth in the third quarter came as a direct result of the number of tables, Martin Carlesund explains.

“We had approximately 500 tables live at the end of the quarter and we expect continued high expansion going forward. We further expect the margin to improve somewhat in the fourth quarter, while the full year number will be in the lower end of our earlier expectations,” he said.

Innovation Leading the Way

Evolution Gaming’s main milestone this quarter has been the launch of the state-of-the-art studio in Atlantic City, New Jersey. The company also expanded its reach with a newly-opened studio in Georgia. With demand for native-language services increasing as more and more markets become regulated, Evolution is expected to shift focus to accommodate the new needs with new investments announced for 2019.

Widely acknowledged as industry leader in innovation and technology, Evolution Gaming has already gone a huge step forward with a revised RNG suite and Infinite Blackjack.

New games and services are also expected going forward.

“To expand our portfolio and create new games that go beyond the expected remains a priority, and an important key to continue expanding our leadership in the market,” Carlesund said.

January-September 2018 (9m 2017)

  • Operating revenues increased by 37% to EUR 175.2 million (127.7)
  • EBITDA increased by 31% to EUR 76.1 million (58.0), corresponding to a margin of 43.4% (45.5)
  • Profit for the period amounted to EUR 57.9 million (44.1)
  • Earnings per share amounted to EUR 1.61 (1.23)

Looking at the numbers at a larger scale heading into the final quarter, Evolution Gaming recorded a revenue increase from January to September which is slightly lower than the one achieved in the third quarter alone.

Martin Carlesund expects the trend to continue even though the final numbers could be lower than earlier expected.

“We further expect the margin to improve somewhat in the fourth quarter, while the full year number will be in the lower end of our earlier expectations”, he concluded.

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