After the service provider’s Q1 2022 results revealed another record quarter, with total revenue increasing 38.6% to €326.8m, its stocks are trading nearly 10% higher.
Revenue includes €264.5m from the live casino sector, up 44.0% year-on-year, and €62.3m from the RNG segment, which has been virtually flat year-on-year on a pro forma basis, 1.8 percent from €61.2m in Q1 2021.
After the first half of 2021, which featured “exceptional growth” for the sector, Evolution Chief Executive Officer Martin Carlesund observed that the expansion in live casino games was remarkable given the challenging comp.
“We expected RNG to grow by 1.8% yearly pro forma,” Carlesund concluded.
“The road to success will not be straight-lined,” says Martin Carlesund, CEO of Evolution. “Focus and ambition are clear, and I’m confident we’ll meet our expansion goals over time.”
“While structural efforts such as the One Stop Shop and other cross-selling activities are essential, it’s all about creating fantastic games.”
“I’m not sure the road to success will be straight-lined, but the focus and ambition are obvious, and I am certain that we will achieve our expansion goals over time,” he continued.
Evolution reported year-on-year revenue growth across all regions, with Asia being the fastest-growing. Asia was the most dynamic region after nearly tripling its revenue contribution from €53.2m to €103.4m in a single year.
In Q1, Asia Evolution recorded the second biggest quarter in its history, after the Rest of Europe region (excluding the Nordics and the UK), which generated €108.8 million in revenue. This area’s year-on-year growth was only 4.5%, however.
The Nordics and the United Kingdom made a combined €21.8 million in sales, up 32.9% from the previous year in the Nordics, while UK revenue remained virtually flat at 1.9 percent.
The firm’s sales increased by more than 75% in the North American market, rising to €36.8m, while the Rest of the World segment rose by 79.6% to €34.3m.
The proportion of revenue from regulated markets was the constant year on year at 40% for Evolution.
“There is a strong demand for online casinos worldwide,” Carlesund added. “In North America, we’re continuing to grow all of our casino studios, with the next one to be opened in Connecticut during 2022.