Evolution continues run of growth with 57% revenue rise
Live casino supplier also reports a 60% rise in EBITDA for Q3 as chief exec lauds regulated market approach
Evolution Gaming posted another set of strong financial results this morning with a 57% increase in revenues leading to a 60% rise in EBITDA for the third quarter of the year.
Total revenues for the period ended 30 September 2015 were 19.5m, which was enough to see EBITDA increase from 4.9m in Q3 2014 to 7.8m this year.
The live casino supplier said that once again growth had been driven by mobile, with 28% of its customer’s revenues coming through the channel, a 260% increase on the comparative period last year.
The firm noted that personnel costs had increased during the period – up from 5.8m to 8.6m YoY- due to a higher recruitment rate and employing a number of “highly qualified” individuals.
During the quarter Evolution signed a strategic alliance with Microgaming, which CEO Jens von Bahr said showed its focus on regulated markets was paying dividends.
“The agreement confirms two things: the first is that the European live casino market is extremely complex,” von Bahr said. “We have invested many years of effort in mastering it, and have built a product that stands out from the crowd.
“The other is that our strategic focus on regulated markets is paying off,” he added.
The supplier also reported its revenues for the first nine months of the year, with total revenues up 52% to 52.8m driving a 79% increase in EBITDA to 21.7m.
“To date, 2015 has been a very successful year for Evolution and for the live casino market in general,” von Bahr said.
“We continue to work in accordance with our growth strategy, with a focus on delivering long-term shareholder value and with a perpetual mission to increase our lead on our competitors,” he added.
Evolution Gaming’s share price was down 2.6% to SEK260.00