Evolution plots Malta expansion as Q3 revenue climbs 41%

Evolution plots Malta expansion as Q3 revenue climbs 41%

Friday, October 26, 2018 Posted by News Team

Evolution Gaming chief executive Martin Carlesund has described 2018 as a “historic” year for the business after it posted strong growth in revenue and profit in its third quarter results. 

Revenue for the quarter ended September 30th grew 41% year-on-year to €64.3m. The growth came mainly from increased commission from existing customers, and to a lesser extent from new clients. 

Looking at revenue by markets, the Nordic and UK regions remained relatively stable, with the majority of growth coming from other European markets. Mobile accounted for 60% of total income for the quarter. 

Operating expenses amounted to €41.1m, up 49% year-on-year, driven by higher personnel costs connected to the launch of new tables in Evolution’s studios. By the end of the quarter the company employed 5,247 people, including 3,970 full-time employees.

The quarter saw Evolution launch its new live dealer facility in Atlantic City, its tenth studio worldwide. While it is already supplying products to a number of operators in the regulated New Jersey market, Evolution said this was more of a long-term project.

It has also opened a studio in Georgia, which like the Atlantic City facility is described as a long-term project. 

Operating profit came in at €23.2m, with profit after tax up 26% at €21.2m. 

“With little more than 2 months of 2018 remaining, we can soon look back at a year that in many ways will be historic for Evolution; not least thanks to our expansion outside Europe,” Chief executive Carlesund said. “This year, we have also passed the 5,000-employee mark in the group, which is a great achievement. To find the right talents requires time and resources, and I am very proud of all the efforts that are being made in this area.

“Evolution continues on its course to strengthen its leadership in the market by providing the very best products and services that one may find,” he said. “I, together with all our employees, look forward to our continued progress with confidence.”

Looking ahead to 2019, Evolution is to evaluate possibilities to expand its main base in Malta, with the establishment of a new studio one of the options under consideration. 

“All our international teams are located in Malta, and we see that demand for native-language services is increasing as more markets become regulated,” Carlesund said. “In absolute numbers, the investment levels in 2019 will remain approximately on par with this year.”

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