Positive Revenue Increase from 2023
The revenue exceeds the €426.6 million the company brought in during quarter 1 of 2023. It also surpasses the revenue earned during quarter 4 of 2023 by 5.5%. EBITDA also increased, reaching EUR345.8m with a 69.0% margin. Compared to 2023, EBITDA increased by 15.2% in the same quarter. Furthermore, it grew by 2.6% compared to Quarter 4 of 2023's EBITA of €337/0 million. The provider's total revenue for the quarter in question was €269.2 million, with a profit share of €1.27. In contrast to the previous quarter, the company generated €282.9 million in revenue and €1.31 per share in earnings, showing a decrease per share.
Evolution's CEO, Martin Olof Carlesund, expressed gratitude for the business's overall quarter 1 of 2024 performance. He also mentioned that Live Casino is well-positioned to continue its upward development trajectory. He said in his statement that Evolution is a strong, growing, all-equity funded, profitable company. Able to maintain its growth focus in the face of geopolitical unpredictability, a pandemic, and sharp interest rate increases in recent years because of its strong financial position. He shared that the company will keep making investments, grow its international business, and show up to work with a strong sense of ambition and excitement about what else it can achieve.
Biggest Contributor is the Firm's Live Casino Sector
According to the latest report, the live casino segment witnessed the largest gain in revenue, with an annual growth of 19.8% and an additional €25.7 m in revenue compared to quarter 4 of 2023. Notwithstanding these encouraging outcomes, the supplier noted that more effort is required to fully capitalize on its dominant position in the industry and produce enough products to meet demand. Evolution's necessity for progress and advancement was a regular theme in 2023.
Concurrently, Carlesund stated that the company hopes to grow by including new game studios across the globe. A minimum of four studios are planned for this year, in addition to the Bulgarian studio launched in Quarter 4 of 2023. Along with the casino growth, the company also saw a rise in Random Number Generator (RNG) numbers. Furthermore, RNG income in Quarter 1 of 2024 was €70.1 million, up from Quarter 4 of 2023's profit of €69.8 million.
Evolution's CEO stated that the company aims to accelerate its growth by integrating AI (artificial intelligence) into its infrastructure and releasing more new titles simultaneously. Evolution released over 20 new RNG games in Quarter 1 of 2024. However, the company wants that figure to increase throughout this year. Carlesund stated that the firm has been raising its table capacity throughout the years to keep up with market demand. He was happy to report that his year has continued with Quarter 4 development. The supply and demand balance is far better than last year.
Performance on the International Market
Evolution demonstrated growth in every region. The stable growth in Europe and strong growth in Asia are two examples. The company stated in March that it was expanding its commercial relationship with Caesars Digital and forming a new agreement with Fanatics to increase its footprint throughout North America. Moreover, part of the deal with Caesars includes a new Garden State studio. The company reported a robust Latam market yearly growth but also noted that Brazilian legislation remains pending and is expected to happen later in 2024.
Goals for the Future
Following the stellar results, the company maintained an EBITDA margin of 69-71% throughout the year. Nonetheless, the primary objective initially was to ensure that the extended margins would open the door to future revenue development. The company will formally establish new studios in Columbia and the Czech Republic to accomplish it. This was mentioned during a conference call with investors after Quarter 1 of 2024 earnings were announced.
Carlesund stressed the importance of extension. In response, he highlighted that it is the second quarter in a row that Evolution accelerated and will keep doing it. To take full advantage of the 2024 market, the company plans to construct the appropriate number of tables.
Top Evolution Gaming Online Casinos in 2024
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Evolution is the industry-leader when it comes to live dealer casino entertainment, giving you access to live blackjack, live roulette, live baccarat, live poker, live game shows, and live slots. Register with any of our recommendations to explore hundreds of live dealer games from one of the best live casino software providers in the industry.
