A look at Evolutions 2022 year end results
Evolution revealed their 2022 full year results late last week. As always, the headline numbers and accompanying CEO comments made for interesting reading.
First a look at the numbers.
It’s clear the Evolution growth story is far from over. Big year on year and quarter on quarter gains across the board.
Operating revenues for 2022 climbed to €1.457 billion, a 36% increase over 2021. EBITDA crossed the €1 billion mark for the first time, a 37% increase on last year’s figure of EUR 735 million.
Profit for the year came in at EUR 843 million.
With a number of RNG businesses now in the group, Evolution is far from a live casino pure play. But it was their live games business that drove revenue growth: up 41% on the previous year.
By comparison, revenues from RNG games increased only 5% – an outcome described by VEO Martin Carlesund as below expectations.
Credit for continued strong growth in the live games business was attributed to the success of new live games introduced during the year. Monopoly Big Baller, Dead or Alive Saloon, Football Studio Dice and Freebet Blackjack (7 seat tables) all got a mention. They were part of Evolution’s ambitious promise of 88 game releases for the year (live and RNG) – a promise that they managed to deliver on.
An even bigger new game schedule is planned for 2023 – 100 new games. Among them, their “biggest, most complex game show ever”, which will be showcased at the upcoming ICE2023 exhibition in London.
2022 was a big year for studio expansions (new and existing) seeing 300 new tables go online. By year end Evolution was streaming from over 1,300 tables! Expansion will continue through 2023 with the promise of more studio space in existing locations and 1 or 2 new locations.
The market certainly liked what the saw in the report. Evolution’s share price jumped following the release, but is still down on April 2021’s high of SEK 1674.
Further to a press release issued by Evolution yesterday, some additional details about the new live games being previewed at ICE.
“Among the new games being premiered at ICE London from Evolution is Funky Time, a ’70’s disco-themed, bonus and multiplier-laden extravaganza andEvolution’sbiggest new game show since Crazy Time. The game features a state-of-the-art DigiWheel that generates numerous random multipliers per round, which can even further multiply winnings on either numbers, letters or bonus games.”
And from Ezugi…
“Ezugi extends its live casino choice with Ultimate Roulette, the brand’s first live game show, and Video Blackjack, with innovative in-game player-to-player video.”
Video Blackjack was showcased as part of the company’s 2022 release lineup.
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