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Sweden – Evolution reports twofold increase in Q1 operating revenue

By - 27 April 2021

Evolution’s latest interim report show that operating revenues in the first quarter increased by 105 per cent to €235.8m.

EBITDA increased by 150 per cent to €160.1m, corresponding to a margin of 67.9 per cent, whilst profit for the period amounted to €132m.

Earnings per share before dilution amounted to €0.62 (0.30). Following the quarter, Evolution entered into an agreement to acquire online slot machine developer, Big Time Gaming.

“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. The integration of NetEnt has been successful.

“I am truly impressed by the work from our teams, who, without losing focus on the daily high-quality delivery, and in a very short time, have managed to merge both workflows and organisational structure.

“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,” commented Evolution CEO, Martin Carlesund.

“Our Live Casino business continued to show very strong year-on-year growth reaching 60 per cent in the quarter. It is the highest growth rate we have ever recorded in a quarter.

“We had a great momentum during 2020 and the group has continued to see a strong underlying demand for online casino with operators also in the first quarter of 2021. The RNG business started the year 2021 with growth of six percent compared to NetEnt revenues Q1 2020.

“This is in line with our near-term expectations. For the second quarter, we face somewhat tougher comparable figures, relating, particularly for the NetEnt business driven by the pandemic effects for NetEnt in Q2 2020.”

Mr. Carlesund added: “Beyond everything else, our focus has always been to innovate and push boundaries to enhance the player experience. This goes for live as well as for RNG, and I am excited about how the new games that we have in line-up for 2021 will further confirm this commitment.

“This summer will see the release of the first product coming out of the cross-functional collaboration between the live and the RNG product development teams, Gonzo’s Treasure Hunt. This product will combine a popular IP with the best from the live and the RNG worlds.

“Our slots offering is being re-vamped during the year and will include a new take on some of the most popular titles as well as brand new games from both the NetEnt and Red Tiger brands. During 2021 we will also add new games to the Live Game Show segment as well as new innovative takes on traditional live table games.

“In short, from a product standpoint, we will 2021 take the entertainment factor to yet a new high level but delivering more unexpected and thrilling quality gaming experiences to all players.”

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