Evolution Gaming Group Reaches 124 Q1 Revenue Of EUR 5.01.5 Million

Operating profit for the quarter rose 16.7% annually to €501.5 million, according to an interim first-quarter official report (pdf) released on April 24 by Evolution Gaming Group, as the company works to meet growing demand.

More revenue generation:

This represents an increase of 5.5% from Q4 FY23 and higher than €4.29.6 million from Q4 FY123.

EBITDA also grew to 345.8 million euros with a margin of 69.0%. EBITDA grew 15.2% in the quarter compared to the same quarter in 2023. It also increased 2.6% compared to EBITDA in the 23rd quarter, which stood at 337.0 million euros.

For the quarter, the supplier's full revenue was €269.2 million and earnings per share were €1.27. However, earnings per share and gross earnings per share decreased compared to the previous quarter, with earnings per share of €1.31 and earnings per share of €28.9 million.

Evolution CEO Martin Carlesund praised the company's overall 124th-quarter earnings. It also noted that the live casino provider is well positioned to proceed with the upward growth process.

He said, "Evolution is a growing, strong, profitable, and all-stock-funded company. In recent years, our solid financial position has enabled us to focus on growth during geopolitical uncertainty, pandemics, and steep rate hikes. We will continue to invest, expand our global operations, and work with great ambition and excitement to be able to achieve more."

Live Casino as a Major Contributor:

The biggest contributor to the revenue increase was the company's live casino division, which rose 19.8% annually, with an additional 25.7 million euros in revenue compared with the fourth quarter, according to the report.

Despite these good results, the supplier pointed out that further work is needed to make the most of its strong position in the market and provide sufficient products to meet demand. The need for the aforementioned developments has been a common theme for Evolution's 2023.

In this regard, Carlesund previously said that the company wants to expand to include fresh game studios worldwide. In addition to its establishment in Bulgaria, which officially opened its doors to the public in the fourth quarter of 23, the company wants to debut at least four studios in the ongoing year.

In addition to casino growth, the number for Random Number Generator (RNG) increased. In addition, RNG revenue for the 124th quarter was 70.1 million euros, up from 66.8 million euros in 423. Evolution's CEO pointed out that the company wants to implement artificial intelligence (AI) into its infrastructure while also boosting growth by increasing the number of new title releases.

During the 124th quarter, the company introduced more than 20 fresh RNG games. However, it plans to increase that number further during the year.

On the topic, Carlson said, "During this period, we have continued to increase table capacity to meet market demand, and we are pleased that progress made in the fourth quarter has continued into the year. All of these combined, we have a much better balance between supply and demand today compared to last year."

International Performance:

Evolution showed the growth of each region. Examples are strong growth in Asia and "stable" growth in Europe.

In March, it announced a new partnership with Panatix to expand its business relationship across North America, expanding its business relationship with Caesars Digital. It also said some of its contracts with Caesars relate to new studios in the Garden State.

As for the LatAm market, the company showed strong annual growth, although it noted that restrictions are currently pending in Brazil, which is expected to be in late 2024.

Future plans:

After referring to its outstanding performance, the company noted that its orientation for the full year remains at an EBITDA margin of 69-71%.

However, a key goal for the company this year is to increase delivery efficiency to meet market demand. However, the original strong goal is for expansion margins to "pave the way" for further revenue growth in the future. To achieve that, the company will officially open new studios in the Czech Republic and Colombia throughout the year.

In a call with investors after the 124th quarter earnings call, Kalesund emphasized the importance of expansion. In response, he said, "We are increasing and accelerating for two consecutive quarters, and we will continue to do so. In 2024, we will build the right amount of tables to make the most of the market." 바다이야기