Evolution Gaming goes from strength to strength in 2018
Evolution Gaming is on its way to make an “exceptional” year, breaking record after record. Company’s shares jumped over 15% when Evolution released their interim report for the second quarter last week.
They reported revenue growth of 40% to €59.3 million.
Success is Their Middle Name
Evolution has really stepped up their game recently and whatever they are doing, they are doing it right. This live casino dealer specialist nearly doubled the profit in 2017 thanks to the intense expansion strategy, new products and downright earnings margin.
Evolution Gaming continued 2018 in the same manner they finished 2017, setting new revenue records. The first quarter of 2018 showed revenue of €51.6 million which is a 30% year-on-year improvement and almost €1 million higher than the last quarter of 2017. Earnings were up 29% to €22 million while profit rose 30% to €16.5 million.
The second quarter has “growth” written all over it. EBIDTA increased by 36% to €26.2 million which corresponds to a margin of 44.2%. The profit amounted to €20.1 million while operating revenues increased by 40% year-on-year to €59.3 million.
First Half of 2018
If we look into the reports for the period between January and June 2018, the numbers look even more impressive.
Operating revenues increased by 35% to €110.8 million while profit amounted to €36.7. EBIDTA increased by 33% to €48.1 which corresponds to a margin of 43.4%. The first half of the year saw Evolution releasing a few new products including Lightening Roulette, RNG Roulette and Salon Prive.
The company also launched its ninth studio in Tbilisi, Georgia and the most advanced so far, which has the capacity to “accommodate their growth for the next 2 or 3 years”. They also launched their first studio outside Europe, in British Colombia. They are continuing their expansion into the US market since the new studio in New Jersey is in the works for the launch in the third quarter. The New Jersey studio will offer ten dedicated tables for starters and the deals have been signed with Ocean Resorts and Resorts World Casinos.
The next major market for them to conquer is the Swedish regulated market and they recently scored deals with Svenska Spel and ATG. They have been named the Supplier of the Year at EGR B2B Awards for the ninth consecutive year and 500 new live dealer tables are expected to be live until the end of 2018.
One thing is certain. Evolution is not taking their success for granted and they strive to continue to work their minds off to make sure the good times keep rolling.