Customer activity drives revenue growth at Evolution

Evolution Gaming has cited a high level of activity among its customers as the main reason behind a year-on-year increase in revenue and other key financials during the three months to September 30.

Operating revenue in the third quarter amounted to €45.7m ($54m), up 56% on the €29.2m posted in the corresponding period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) also hiked 103% year-on-year to €21.8m, with an all-time high margin for a single quarter of 47.7%.

Operating profit rocketed 123% to €18.2m, while profit for the period came in at €16.8m, 126% more than in Q3 of 2016.

The positive third-quarter performance places operating revenue for the year-to-date at €127.7m, which is 57% more than at the same point in the previous year.

EBITDA for the nine months through to the end of September came in at €58m, 83% higher on last year, while operating profit is up 94% to €48.1m and profit also up 94% to €44.1m.

Martin Carlesund, president and chief executive of Evolution Gaming, said: “I can summarise a strong quarter for Evolution Gaming, driven, among other things, by a high level of activity among our customers in the summer months.

“During the quarter, a generally high level of growth was noted in all of our products, we are focusing heavily on meeting this growth, which is best expressed by the investments in our upcoming studios in Georgia and Canada.

“We are focusing on product innovation, regulated markets and land-based casinos – three key elements of our growth strategy.

“We currently perceive a favourable market situation, with good opportunities to continue growing.

“Next year, the football Fifa World Cup will take place, and this has historically entailed a high level of activity among our customers.

“We continue to work according to our ambition to continually increase our lead on competitors and, with two new studios on the cards, I am convinced that we will progress further along that path.”

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