Revenue grows 38% for Evolution in Q1 amid product launch in New Jersey
From this, profits also increased by 46.2%.
The year has started positively for Evolution, as both revenue and profits saw considerable growth when compared to the prior year.
Notebly, operating revenues rose by 38.6% in comparison to those found in 2021, coming in at $344.4m. This growth was reflected in the company’s EBITDA, which increased by 43.4% to $242m.
“I’m very happy to see the great work of all Evolution employees producing yet another strong quarter. We continued the strong development from 2021 also during the first quarter of this year,” said Martin Carlesund, Evolution’s CEO.
The first quarter of the year also saw the company complete its repurchase program with the acquisition of 747,000 own shares. Meanwhile, profitability came in at approximately $218m, increasing by 46.2%.
While financials were good for Evolution this quarter, the company claims it has been affected by the current geopolitical crisis in Europe.
Carlesun noted: “Even though we were happy to see the effects of the pandemic slowly subsiding in Europe and North America during the quarter our attention moved to the war and the humanitarian catastrophe in Ukraine created by the unprovoked invasion from Russia. At the start of the war Evolution had approximately 100 co-workers based in Kyiv. As for now, the war has limited direct financial impact on our business but emotionally it has affected us all. We will naturally continue to follow the development closely.”
Much of this growth was fueled by the launch of Lighting Roulette, a live casino game, in the state of New Jersey. Following this launch, the company set to work on releasing its offering in the newly regulated market of Ontario, Canada, although this process was completed following the conclusion of Q1.
To conclude, the brand’s CEO added: “We are well on our way into 2022, leaving the first quarter with good delivery and momentum. We strive to be better every single day, every single one of us, and we fight every day to increase the gap to our competitors. With our 88 new games 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.”
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