Evolution, under the leadership of CEO Martin Carlesund, is poised for growth despite current challenges in its slot business. The company experienced a year-on-year increase in revenue and net profit for Q2, fueled by a strong performance from its live dealer sector. However, Carlesund acknowledges that achieving double-digit revenue growth from slots will take time and operational improvements.
In Q2, Evolution, the live casino provider, reported revenue growth of €441.1m, up 28.2% from the same quarter last year. This growth was driven primarily by a 33.5% increase in live casino revenue, attributed to higher commission income from existing and new customers. RNG (Random Number Generation) revenue saw a modest rise of 5.8%, but when factoring in Nolimit City’s contribution, it marked a 4.0% decrease year-on-year.
Operational Improvements and Investments
Carlesund underscores the RNG segment as an area that can benefit from operational enhancements. Despite the slower growth in this sector, Evolution remains committed to investing in growth, exploring new solutions, and striving for excellence in the second half of 2023.
Evolution’s total operating expenses rose by 23.3% year-on-year, with personnel being the primary cost. Despite these increased expenses, the company reported notable profit growth. Pre-tax profit was €283.0m, up 30.4% from the previous year, and net profit stood at €264.1m, marking a 31.4% increase. Revenue for the first half of the year reached €870.6m, registering a 29.8% rise compared to the previous year.
Market Dominance in Europe
Europe continues to be a key market for Evolution, generating the highest revenue share in Q2. As the company seeks to expand its global footprint, it is set to leverage its strong presence in this region.
In conclusion, Evolution, led by CEO Martin Carlesund, is navigating its way through market challenges and focusing on operational improvements and strategic investments to drive growth. Despite a slower performance in the slot business, the company’s robust financial results and ambitious plans signal promising prospects.