Evolution Gaming unveils doubling of Q1 profit
Evolution Gaming has published its report for Q1 of this year as it has revealed impressive increases year-on-year in both profit and revenue during the quarter. This has been its first quarter since it acquired NetEnt in December.
Evolution took over NetEnt after it set forth a bid worth around SEK19.6 billion back in June of last year, and the latter’s figures had been included in the Q1 figures for the first time.
The firm’s total revenue amounted to €235.8 million, which is double of what the two of them made in the same quarter last year. Live revenue was at €183.6 million and RNG revenue came up to €52.2 million.
When looking at the different regions, Evolution witnessed a general increase in all of the regions in which it operates. North America saw a 204.2% increase, with the Nordic countries coming in second with 164.5%, and Asia in third place with a 155.8% boost. The United Kingdom saw a rise of 116.2%, with the rest of Europe growing by 74.1%. Europe is currently the company’s biggest market.
Aside from that, operating expenses amounted to €94.2 million, which includes personnel expenses and other necessities. This left a profit of approximately €141.65 million, which is an impressive 147.9% rise. Tax bills were €8.7 million, with financial expenses rounding up to €953,000. This meant that the final profit for Evolution saw a 143.6% increase.
Chief executive of Evolution, Martin Carlesund, commented and said:
“The positive trend from 2020 continues in to the first quarter of 2021 where we see a good momentum both in terms of growth and profitability. We can already see good results from this work in the first quarter, and I believe that we are well-set to continue to capitalise on the growing interest in online casino world-wide.”
Evolution’s acquisitions do not seem to be coming to a stop as it already took over Big Time Gaming for €450 million in April.