Evolution records 36% YoY Q1 revenue growth in North America

Evolution has published its financial results for Q1 2022, reporting significant global growth prospects for its Live Gaming and RNG business units.
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Evolution has published its financial results for the first quarter of 2022, reporting significant global growth prospects for its Live Gaming and RNG business units. 

Reflecting on the results, Group CEO Martin Carlesund stated that Live games continue to be the driving force behind increases, citing optimism for the rest of the year.

The casino games supplier has registered corporate revenues of $343.3m, up 38.6% year-over-year  (Q1 2021: $247.8m). 

The firm’s Live Gaming unit registered a 44% increase in revenues to $277.9m (Q1 2021: $193m) thanks to an increased demand for its games catalog from new and existing customers.

Meanwhile, Evolution’s RNG division was in line with performance expectations, as it recorded a 2% growth in sales to $65.5m (Q1 2021: $54.9m).  

In North America, Evolution’s expansion in the region produced a 36% increase in revenue YoY to $38.7m (Q1 2021: $22.7m), with more US state launches to come.

Elsewhere, the firm saw its Asian market revenues almost double YoY to $108.7m (Q1 2021: $55.9m). However, the UK and the Rest of Europe sections recorded no percentage gains.

Carlesund commented: “2022 has started very well, and the entertainment and excitement that Live games offer continues to drive new, as well as existing customers to our games. RNG growth of 1.8% year on year Pro-forma is in line with our expectations.”

“While structural efforts such as the One-Stop-Shop and other cross-sales activities are important elements, at the end of the day the key for improved growth is developing great games for all players.”

“End-user satisfaction is always key and taking us there is not done overnight. The road to success will not be straight-lined but the focus and ambition is clear and I’m convinced that we will reach our growth ambitions over time.” 

For Q1, Evolution registered an EBITDA of $241.4m, up 43% YoY (Q1 2021: $168.3m), while period-operating expenses grew to $125m (Q1 2021: $98.8m), with increased costs due to the Madrid live gaming studio launch and a $7.4m outlay directed to the new game development.

The casino games developer declared underlying corporate profits of $207m, up 50% YoY (Q1 2021: $138.7m), in line with its objective “to grow faster than the total global online casino market”.

Carlesund concluded: “We are well on our way into 2022, leaving the first quarter with good delivery and momentum.

“With our 88 new games in 2022, we have shown what thousands and thousands of fantastic Evolution employees can achieve together. Evolution is a workplace where everyone is accepted and respected. Together, we hope for a brighter end of 2022 than the beginning.”