Supplier Evolution has revealed its Q2 2024 financial results, highlighting a 15.9% increase in revenue year-over-year to €508.4m ($553.3m), bringing its H1 2024 revenue figure up to the €1bn mark.
Q2 EBITDA also saw an upswing of 10.9% year-over-year to €345.8m – with the figure for the first half of the year also up by 13% to €691.5m. Further, the EBITDA margin for Evolution’s initial half of 2024 settled at 70.3%.
Profit margins decreased to 52.9% in the supplier’s second quarter this time around, compared to the Q2 2023 figure of 59.9%. However, profit generated for the period saw a relative increase of 1.9% year-over-year to €269.1m. Profits reported are also up by 4.5% year-over-year for H1 2024 to €538.3m.
It has been a busy quarter for Evolution, which introduced a new capital allocation framework and launched a new share repurchase programme. The company also recently announced a deal to acquire Galaxy Gaming for $85m in a bid to expand its US market presence. The deal is expected to be finalised by mid-2025.
The organisation will hope these latest developments will help it further improve on its positive Q1 results, which indicated growth across all geographical regions.
Commenting on these lates financial results, Evolution CEO Martin Carlesund said: “For the second quarter of 2024, Evolution reports revenue of €508.4m, corresponding to a year-on-year revenue growth of 15% and an EBITDA margin of 68%. Revenue growth at constant currency is estimated to 19% for the quarter. It has been a very active second quarter at Evolution and I am happy with the progress we have made on several of our initiatives.”
