Evolution Q1 revenue increases by 39% to €326.8m

By Louis Thompsett

Evolution has posted operating revenue of 326.8m ($344.5m) for the first quarter of 2022, an increase of 39% year-on-year. 

EBITDA increased by 43% to €230m from the prior-year period, corresponding to a margin of 70%. 

The supplier posted profits amounting to €198m, too, with earnings per share before dilution amounting to €0.93. 

Q1 saw the company acquire 747,000 shares, which marks the completion of Evolution’s repurchase programme, in which a total of 1,905,865 shares have been acquired. 

The period of January to March 2022 has also seen Evolution launch its online game, Lightning Roulette, in New Jersey.  

Like many other suppliers, this quarter saw Evolution move into the newly regulated market in Ontario. 

Evolution CEO Martin Carlesund said: “I’m very happy to see the great work of all Evolution employees producing yet another strong quarter. We continued the strong development from 2021 also during the first quarter of this year.  

“Looking back at the start of this year the developments outside of Evolution are very much in my thoughts. Even though we were happy to see the effects of the pandemic slowly subsiding in Europe and North America during the quarter our attention moved to the war and the humanitarian catastrophe in Ukraine created by the unprovoked invasion from Russia. 

“At the start of the war Evolution had approximately 100 co-workers based in Kyiv. As for now, the war has limited direct financial impact on our business but emotionally it has affected us all. We will naturally continue to follow the development closely.” 

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