February 1, 2024 3 min read

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Evolution Wraps up a Successful Q4 and 2023, Posts Strong Results

The company's latest trading update highlights strong performance complemented by growth on a global scale

Evolution, the leading business-to-business supplier of technology, content and solutions, catering to the global gambling and betting industry, uncovered details regarding its fourth quarter and full year 2023 performance. The company’s latest financial update emerged Thursday, pointing to strong growth in operating revenues, EBITDA and operating profit.

The latest trading update reveals that Evolution’s operating revenues in Q4 2023 hit €475.3 million ($513.9 million). This result, compared to the corresponding period in 2022, marked a strong growth of 16.6%. Similarly, EBITDA between October and December 2023, increased as well. While in Q4 2022, Evolution posted EBITDA of €279.5 million ($302.2 million), for the same period in 2023, it increased by 20.5% to €337 million ($364.3 million).

Not unexpectedly, the operating profit for Q4 2023 marked another increase. Evolution posted €302.6 million ($327.1 million) in operating profit for the fourth quarter of last year, up by 21% year-over-year.

Profit during the fourth quarter of 2023 increased as well, along with the profit margin. In Q4 2023, Evolution reported €282.9 million ($305.8 million) in profit, an increase of 26.6% when compared to the Q4 2022 result. As noted, the company’s profit margin also marked an uptick, growing from 54.8% in Q4 2022 to 59.5% for the fourth quarter of last year.

Focusing on the bigger picture, Evolution’s operating revenues between January and December 2023 increased as well, hitting €1.8 billion ($1.94 billion). This result, compared to the €1.46 billion ($1.58 billion) posted for 2022, marked an increase of 23.5%.

Continuing the positive trend, EBITDA for 2023 increased by 25.7% year-over-year to €1.3 billion ($1.41 billion). The operating profit posted by Evolution for 2023 grew by 25.8%, hitting €1.14 billion ($1.23 billion), while profit for the period increased 27% to €1.07 billion ($1.16 billion).

The Company’s CEO Shares His Excitement about the Latest Figures

Martin Carlesund, Evolution’s CEO, commented on the topic highlighting the stellar growth in EBITDA and revenue posted for the fourth quarter of 2023. He added that besides the outstanding results, the company “finished the year operationally very well.” Carlesund added that throughout 2023, Evolution released 110 new thrilling games, surpassing its goal of 100 titles.

Additionally, Carlesund acknowledged that the company posted strong RNG and Live Casino revenues for Q4 2023. He reminded of important game launches that complemented Evolution’s strong presence across the online gambling vertical. “North America showed strong momentum in Q4 coming back to sequential growth,” said the company’s CEO, adding that Evolution will focus on delivering new engaging and exciting titles for players across the United States.

Speaking about the European market, Carlesund said that it has seen approximately 10% year-over-year growth for the second quarter in a row. He said the company anticipates further expansion on the Old Continent. Last but not least, Carlesund spoke about the importance of the gambling markets in Asia and Latin America.

Co-editor

William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.

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