Evolution’s revenue and profit grow in 2020 following NetEnt integration.
Evolution has reported a year-on-year increase in revenue and profit for 2020. The results show a rise in commission from new and existing customers and the impact of its acquisition of NetEnt.
A Successful Year
Total revenue for the 12 months through to 31 December amounted to €561.1m (£491.4m/$679.8m). This is up 53.4% from €365.9m in the previous year.
Evolution said while this was mainly due to increased commission from clients. Also, it was helped by the acquisition of NetEnt, which was finalized on 2 December last year.
As such, Evolution’s financial results also included revenue from NetEnt in the final month of the year.
“Through the acquisition of NetEnt, we add a second vertical to our unrivaled live casino offer and two strong and fantastic new brands to our product portfolio,” Evolution chief executive Martin Carlesund said.
“This makes us well placed for our long-term ambition of taking a leading global position in online casino.”
Earnings before interest, tax, deprecation, and amortization (EBITDA), adjusted for non-recurring items, was €351.6m, up 92.2% on 2019.
After accounting for €1.0m in financial items, profit before tax was €298.7m, up 89.9% from €157.3m in 2019. Evolution paid €14.1m in income tax, leaving it with €283.6m in total profit, an increase of 90.1% on the previous year.
Closing Comments from CEO
“The pandemic has continued to be a factor throughout the year,” Carlesund said. “Our organic growth was solid already in the beginning of 2020, and I’m pleased to see continued strong demand with many new players and high activity in the network throughout the year.”
“There is much to look forward to in 2021,” he added. “We enter the new year with an intense and successful 2020 behind us, a proven strong, competent and energetic team and tremendous business momentum.
2021 is off to a strong start and I am excited to soon share more news from the group on how we plan to work with operators to take product innovation and player experience to the next level.”