Evolution posts financial growth, confirms board changes
Evolution Gaming has revealed significant year-on-year financial growth for the nine months through to September 30 and also made a number of major changes to its senior management team.
Revenue for the period came in at €29.2 million ($31.8 million), a 47% increase on the previous year, while profit climbed from €5.8 million to €7.4 million.
Earnings before interest, tax, depreciation and amortisation increased by 37% to €10.8 million, corresponding to a margin of 37%, while earnings per share were up from €0.16 to €0.21.
The results were announced alongside a number of changes to Evolution’s senior team, including the resignation of Joel Citron as chairman.
Citron, who will remain a member of the board, is to be replaced by current chief executive Jens von Bahr.
Von Bahr, also the founder of Evolution, will remain in the role until the next general meeting, with Martin Carlesund, who had been serving as chief executive of the firm’s Malta business, taking on the group role.
In turn, Johan Nordström will now take up the vacant chief executive position at Evolution Malta.
“Live casino continues to gain ground both in terms of strategic significance for operators and popularity with end-users, and we were therefore able to record yet another quarter of strong growth,” von Bahr said.
“It is also encouraging to see that we grew compared to the previous quarter, despite the third quarter historically being a weaker period.
“The strong demand for tables and environments continues to drive investments, hence exerting some pressure on the margin.”
Von Bahr added: “In order to best meet the strong growth, on November 1 we are making some changes to the board and management, where I have been appointed executive chairman, Martin Carlesund moves upwards to the role of group CEO and newly-employed Johan Nordström becomes CEO of Evolution Malta.
“Having the right people is crucial – we now have a team in place which under the management of Martin can maximise the pace towards a position in the market that no one else can reach.
“Through the change in leadership, this will be the last CEO comment that I write and it feels good to note that with less than three months left of 2016, we will be able to sum up yet another record year for Evolution.
“We have experienced an exceptionally high level of demand for our services, which has put our delivery capability to the test.
“Time and again we have succeeded in supplying advanced and pioneering solutions, both in our own studios and to our customers.
“This has also paved the way for sustained growth and a leading position on the live casino market.”
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