Posting Biggest Ever Q2 Margins, It’s Funky Times For Evolution

It’s Funky Times for iCasino and slots kings Evolution as the Q2 launch of their new game underlines their record financial performance in the first half of this year.

Operating revenues for the Swedish-origin B2B iGaming maestros surged nearly 30 percent during H1, from €670.7 million (£580.18m) to €870.6 million (£753.1m).

EBITDA continued its upward trajectory, hitting €611.9 million (£529.31m), compared to €467.9 million (£404.75m) in the same period last year, with a corresponding margin of 70.3 percent, up from 69.8 percent.

Profit for the period amounted to €515.2 million (£445.66m), a significant rise from €398.6 million (£344.8) in H1 2022.

Earnings-per-share amounted to €2.41, from €1.87 in the same period last year.

“Funky Time, that we showcased in Q1, was launched as planned in Q2,” said Evolution CEO Martin Carlesund.

“Funky Time adds to our portfolio of unique game shows, it is the largest and most complex game we’ve ever created mixing RNG and Live game elements as well as animated characters and live video.

“It is a very innovative and entertaining game with a fantastic retro club ambience. We see large numbers of new players continuously taking on to the game and it has good traction.

“Evolution’s strong performance in both Q2 2023 and the first half of the year showcases the company’s ability to consistently deliver exceptional results in the highly competitive iGaming market. With an impressive increase in operating revenues and EBITDA, Evolution continues to solidify its position as a key player in the industry.

“During the second quarter of 2023 we continued to deliver good results, with our highest ever EBITDA-margin in a quarter.”

Citing long-term growth opportunities in the US and Canada, increased performance in Argentina and Columbia and the bedrock of the European and Asian markets, Carlesund continued:

“We have made a lot of progress in our RNG operations during the period. Our ambition is, as always, to manage our costs in an optimal way to deliver good performance and profitability.

“Our release schedule for Live games is tilted toward the second half of the year and we have many exciting releases planned.

“Also our RNG roadmap is busier during the second half of the year, all according to plan, and in line with the 2023 target of more than 100 games in total.

“This year’s roadmap is our strongest ever and we are planning for an even more exciting roadmap 2024.”

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