Evolution Group’s share price suffered a drop following its Q1 results, falling to SEK 1,380.80 ($133.90) from SEK 1,419.00.
In its Q1 revenue report, Evolution showed a 31% increase in revenue – totalling €429.5m ($474.2m). Meanwhile, its EBITDA increased to €300m, up from 2022’s Q1 total of €229.6m.
Furthermore, its operating profit also increased by 31% to €271.4m.
Comparing the revenue against all of 2022’s figures, Evolution’s performance in the first three months of 2023 shows it outpaced any of 2022’s quarters.
Despite the growth it recorded (as seen in the graph below), which totalled more than any of its quarterly figures last year, the markets had a negative reaction – evidently expecting more from the company.
Martin Carlesund, Evolution Group’s CEO, said of the results: “A strong start of the year at Evolution. Revenues increased by 31.5% to €429.6min the first quarter, with 83.8% of revenues deriving from live casino games and the rest from RNG.
“Live casino grew strongly with 36.1% compared to last year and revenues amounted to €360.1m. We continue to see a strong demand both from existing and new customers and good momentum from new games."
Carlesund concluded by stating his satisfaction with the results: “RNG delivered €69.5m in revenue, only a slight increase compared to the same quarter last year. As we have communicated earlier, the development in RNG will not be linear towards our target of double-digit growth.
"I remain convinced that we can perform better in the RNG area, and we are working hard to improve. The underlying growth drivers for online casino are solid and I am happy with the start of 2023.”
