written and last updated by
Sam Smith at
21 Jul 2022
Journalist, Editorial Department
Evolution has released its financial results for the second quarter, reporting a 34% year-on-year increase in operating revenue. During the three-month period, the company generated €344 million (approximately $350 million), nearly €90 million more than the €257 million recorded last year.
As a result, Evolution posted a profit of €201 million, up from €144 million in the same period of 2020. Meanwhile, EBITDA rose by 36% to €238 million, reflecting a margin of 69.3%.
These strong second-quarter results contributed to a 36% increase in Evolution's overall operating revenue for the first half of 2022. The figures for the six-month period are even more promising, with operating revenue reaching €671 million compared to €492.5 million previously reported, and EBITDA climbing 40% to €468 million.
The provider's profit for the first half of the year also showed double-digit growth, increasing by 44% to exceed €398 million.
Despite these positive results, Evolution's CEO Martin Carlesund believes they do not fully capture the company's operational performance. He stated, "From a financial perspective, I consider the second quarter to be good, but not outstanding, and it does not fully reflect our operational successes."
He added, "When evaluating our results, we must take into account the exceptional growth we experienced last year, which impacts the percentage shown in the second quarter of 2022. Overall, we are satisfied, but not entirely pleased with the 69.3% margin for the quarter. It is likely to remain within this estimated range for the entirety of 2022."
From January to June, Evolution continued to expand its live casino division, opening new studios in Spain and Armenia, as well as launching live games in West Virginia. In June, the company also announced its acquisition of Nolimit City.
In related news, Play’n GO has entered the U.S. market.
