Evolution’s revenue skyrockets in 3Q
Evolution has released its latest financial report and revealed a major 48 per cent increase in revenue to €140 million.
Malta.- Evolution released its Interim Report for January-September 2020 and revealed a strong third quarter performance.
During the period from July to September, operating revenues jumped 48 per cent to €140 million, while EBITDA also increased by 87% to €90.7 million, which corresponds to a margin of 64.8%.
For the latest period, profit amounted to €79.4% & earnings per share amounted to 0.44, doubling the 0.22 from the previous period.
As for the January-September period, the operating revenues’ increase was also of 48% after totalling €383.5 million. EBITDA reached €235.9 million (+86%), corresponding to a margin of 61.5%. Profit reached €204 million and earnings per share amounted to €1.12.
“I’m happy to report strong results for the quarter. Revenue amounted to EUR 140 million, an increase of 48 percent compared with the third quarter of 2019. EBITDA amounted to EUR 91 million with a margin of 64.8 percent. The past quarter has also been a period of exceptionally high activity operationally within Evolution and after the end of the quarter we are live with our first tables in both Pennsylvania, USA and Kaunas, Lithuania. We are still dealing with the limitations imposed by Covid but we are slowly coming back towards pre-Covid levels in number of tables,” CEO Martin Carlesund said.
Germany is on its way to be the next regulated market in Europe. Licenses for Online Casino, which includes Live Casino, and Online Slots, are planned to be issued from July 2021. Until then a transition will take place where some operators will not offer Live Casino. Revenue related to German players make up 5-10% of our current total revenues. While we expect a negative effect on our German revenue during the transition the effect on the Evolution group as a whole is limited. Long-term we view the move towards regulation in Germany as positive for Evolution.
We continue to stay focused on further strengthening our North American footprint and it makes me proud to say that we now are live in Pennsylvania. Also important for the North America expansion is that we, during the third quarter, have signed several new customers for the US market and more are to come. Regardless of the timing for regulation in additional states we know that Evolution is well positioned and that the US market is a long-term project with very high potential.
