Evolution hails live casino as finances rise in Q1
Evolution Gaming has cited the ongoing success of its live casino offering as one of the main driving forces behind year-on-year financial growth during the three months to March 31, 2017.
Operating revenue in the first quarter amounted to €39.7 million ($42.6 million), up 60% on the €24.8 million generated in the same period last year.
Earnings before interest, tax, depreciation and amortisation increased 65% year-on-year to just over €17 million with a larger margin of 43%.
Operating profit jumped 69% to €14 million with a margin of 35%, while profit for the period climbed 67% to €12.7 million with a margin of 32%.
Martin Carlesund, chief executive of Evolution, said: “The strong momentum that we experienced towards the end of last year continued into 2017, and January and February were particularly strong, with a very high level of activity among our customers.
“There tends to be favourable activity early in the year and 2017 has been no exception; we have seen generally high player volumes among all types of customers, both small and large well-established operators, while customers are also increasingly optimising their live casino offerings.”
Carlesund added: “Looking ahead in 2017, we see continued strong demand for our products, even if the second and third quarters tend to have less activity than the winter months.
“Furthermore, we have no major sporting event driving traffic during the summer this year.
“However, we view our continued growth confidently, with good opportunities to further widen the gap to our competitors, through our strategy with its clear focus on profitable growth.
“To support future expansion, we intend to start the establishment of our third major studio in Europe during the year, which like our production studios in Riga and Malta will be able to serve multiple markets and customers.”
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