Evolution revenues up 43% in debut interim report
Live casino supplier says PokerStars deal helps drive revenues up to 15.4m in its first quarterly report since listing earlier this year
Evolution Gaming has posted a 43% year-on-year increase in revenues for Q1 2015, its first trading update since going public in March.
Total revenues for the three months ended 31 March amounted to 15.4m, although profit was down from 2.1m to 1.4m, primarily due to a 4m cost associated to its March IPO and listing on the Nasdaq First North Premier.
Excluding the one-off charge, Evolution said EBITDA would have amounted to 6.2m and resulted in a margin of 40% – higher than the 29% recorded during Q1 2014.
The firm also attributed some of the revenue growth to its recent live casino deal and subsequent integration with PokerStars, which went live in March.
Evolution chief executive Jens von Bahr said the PokerStars’ instillation had been its largest to date and showed “considerable confidence in the future potential of the live casino market in Europe”.
Von Bahr also confirmed Evolution’s receipt of a British supplier licence, which he said was an important milestone in the company’s long-term strategy.
“The UK is Europe’s largest gaming market and represents an important component in Evolution’s further development with regard to both the potential of existing customers and, in the long term, new customers,” von Bahr, said.
Evolution Gaming’s share price was up SEK6 to SEK112.5 after early morning trading.