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The first quarter of 2023’s quarterly report from Evolution, a top supplier of live casino solutions, showed respectable results. Due in large part to its sound business strategy, the company grew in a number of criteria.
With operational sales rising 16.7% to EUR 501.5 million ($535.9 million) in Q1, Evolution saw a noticeable jump. With this jump, the amount recorded during the same time last year was much more than EUR 429.6 million.
At EUR 345.8 million ($369.5 million), or 15.2% more than in Q1 2023, the company’s profits before interest, taxes, depreciation, and amortization (EBITDA) likewise showed a favorable trajectory. The EBITDA margin, at 69%, was steady in spite of this expansion.
Moreover, Evolution reported a Q1 profit of EUR 269.2 million ($287.6 million), showcasing a 7.2% increase from the previous year. Earnings per share before dilution rose to EUR 1.27 ($1.36), up from EUR 1.18 in Q1 2023.
Evolution highlighted several significant developments during the quarter, including its continuous expansion in terms of operational capacity and workforce. Additionally, the company expanded its global presence, reporting robust growth and momentum.
Furthermore, Evolution successfully concluded a share buyback program, reclaiming 3,648,247 of its shares.
Martin Carlesund, CEO of Evolution, expressed optimism about the company’s performance, emphasizing the seamless transition of momentum from the previous year into 2024. He highlighted ongoing efforts to integrate AI-driven functionalities to enhance operational efficiency.
Looking ahead, Carlesund outlined Evolution’s plans to invest in delivery capacity and prioritize expansion margins in 2024. The company aims to reinforce its presence by establishing new studios in Bulgaria, New Jersey, Colombia, and the Czech Republic.
Carlesund extended his gratitude to the dedicated Evolution team, which now exceeds 20,000 members, for their contributions to the company’s success and expressed eagerness to continue the trajectory of growth in the coming year.