Evolution Group’s share price took a hit after its first quarter results.
In its Q1 report, the group showed a 31% increase in revenue – totaling €429.5m ($474.2m). Meanwhile, its EBITDA (earnings before interest, tax, depreciation and amortization) increased to €300m, up from its Q1 2022 total of €229.6m.
Furthermore, its operating profit also increased by 31% to €271.4 million. Comparing revenue against all 2022 numbers, Evolution’s performance in the first three months of 2023 shows it outperformed any of the 2022 quarters.
Despite the recorded growth (as shown in the chart below), which surpassed any of last year’s quarters, the markets reacted negatively – evidently expecting more from the company.
Evolution Group CEO celebrates ‘strong start to the year’
Martin Carlesund, CEO of Evolution Group, said: “A strong start to the year at Evolution. Revenues increased by 31.5% to €429.6 in the first quarter, with 83.8% of revenues coming from live casino games and the remainder from RNG (random number generator).
“Live casino grew strongly with 36.1% compared to last year and revenues amounted to €360.1 million. We continue to see strong demand from existing and new customers and good momentum from new games.”
Carlesund also spoke about satisfaction with the results: “RNG generated €69.5 million in revenue, only a slight increase compared to the same quarter last year. As we have previously communicated, development on RNG will not be linear with our target of double-digit growth.”
“I remain convinced that we can outperform in the RNG space and we are working hard to improve. The underlying growth drivers for the online casino are solid and I am happy with the start of 2023”, concluded the CEO of Evolution.
