Important iGaming provider for casino operators Evolution Group communicated today its latest Financial Performance, with strong results. Showing a continuity on the successful indicators of the first semester of this year, Evolution revealed an Interim Report of January-September 2023. About the Q3 2023, key data says that operating revenues increased by 19.6% to €452.6 million; EBITDA augmented by 22.1% to €318.6 million, corresponding to a margin of 70.4%; profit for the period amounted to €272.8 million, and earnings per share were €1.28.
Taking a look at the big picture, for the January-September 2023 period, operating revenues upsurge by 26.1% to €1.323 billion; EBITDA expanded by 27.6% to €930.5 million, corresponding to a margin of 70.3%; profit for the period amounted to €788.0 million, and earnings per share were €3.69.
ANALYSIS OF THE CEO
About these positive financial numbers, Martin Carlesund, CEO of the Evolution Group, stated: “We have had a good financial performance and the underlying growth drivers for the business remains solid. During the third quarter, we released more games than during any earlier quarter. Our Live Casino revenue grew to €385.8 million for the quarter, and we see a higher demand for our product than what we currently can deliver. That is a measure of the phenomenal traction our games have. However, it also means we are not expanding our studios at the right pace. We have faced delays in several of our planned studio projects for this year, but even more importantly we need to increase the pace of recruitment both in existing studios as well as to support new studios. We are working hard to get back on track in our existing locations and we will continue to invest in our network of studios and add new locations.”
Besides, the leader commented that Evolution has made progress in the RNG operations, with step-by-step improvements. He also said: “Our ability to deliver new and exciting player experiences is one of our main competitive advantages and I am pleased to say that we are on track to exceed our plan of more than 100 games released in 2023. In the third quarter, we launched 28 RNG titles and 8 Live games. We have had a continued strong development of our disco themed Funky Time, which launched this spring, adding new dimensions to our popular Game Show portfolio. We also released many new and exciting slots. As stated, 2023 will be backend loaded in terms of releases, both for Live and RNG, and I am excited about what the last months of this year will bring from a product perspective.”
When considering markets performances, North America is a region to keep on developing over the following years for Evolution, as more U.S. states regulate the activity. The company grew 9% in North America compared to same period last year. Asia and Latin America both escalated 35% and 39%, respectively, from last year, and Europe showed a steady 10% rise. The growth compared to third quarter of last year is organic in all regions.