Evolution eyes Asia expansion as Q1 revenues climb 30%
Malta-based firm says it increased its market share thanks to product innovation and operational excellence
Evolution this morning reported a 30% rise in Q1 revenues to €51.6m and EBITDA up 29% to €22m, with the provider claiming to have “extended its lead” over competitors.
The Malta-based firm said it had increased its market share thanks to “efforts in product innovation combined with cost-efficient operational excellence.”
During the quarter, the firm launched new products including Lightning Roulette and RNG Roulette, while completing its third European production hub in Tbilisi, Georgia.
“The new Live Casino studio is the most advanced we have built to date,” Evolution CEO Martin Carlesund said.
“The studio has the capacity to accommodate our growth for the next two to three years and I am very proud of how quickly and efficiently the organisation has delivered on this project.”
The CEO also highlighted “notably higher interest in the Asian markets among European licensed operators”.
“This is positive and will become another growth driver going forward,” Carlesund said.
Analyst firm Regulus Partners said the results demonstrated Evolution’s continued leadership in the live segment in Europe, although the 30% growth marked a slowdown form the 50%+ averaged over the last two years.
“To some extent this is the law of big numbers; 30% on Q117 is €12m, almost the revenue achieved in Q115,” the firm said.
“There is also an extent to which Q118 is likely to have been dampened by strong sports results reducing bettors’ recycling into gaming (including a hangover from Q417).
“Nevertheless, the slowdown also supports a growing pattern of signs of maturity in key Northern European markets (including UK, Evolution’s largest market).”