Evolution Q2
The top line
Revenue rose 100% YoY to €256.7m while EBITDA was up 115% to €174.7m corresponding to margins of 68% (up from 63.2% Q220). H121 revenues up 102% to €492.5m. Cashflow from operating activities amounted to €125.3 in Q2, €227.21m in H1.
Live casino organic growth up 59% to €203.7m, up 10.9% QoQ; RNG down 2% to €53m, flat QoQ. Big Time gaming acquisition was completed by the end of June and its numbers will be incorporated from Q3 onwards.
Ready for the close up: Evolution’s new studio in Michigan is set to go live tomorrow (Thursday). Growth in the US business more than tripled YoY to €27.2m and there is more to come with a studio in Connecticut “a fair assumption,” according to CEO Martin Carlesund.
About Evolution’s appetite for growth, Carlesund added the company was “ramping up as much and as fast, everywhere, as we can.
On RNG, Carlesund said the continued effort to “reshape the roadmap” continued twitch the release of Starburstxxxtreme, the “strongest release in NetEnt history.” The company also spoke about its partnership with Scientific Games to bring its Lightning Roulette product to lands-based casinos worldwide. Talking about the effect of the ongoing pandemic, CEO Martin Carlesund said it continued to “hamper growth.”
Old world problems: The QoQ geographical tale of the tape provides some interesting indicators for Evolution watchers. The UK was down – the only negative throughout the report – by 7% to €19.8m while Nordics (€16.4m) and the rest of Europe (€104m) were both flat. None of this is surprising given the regulatory backdrop across Europe. Growth came from Asia (up 23% to €65.7m), the US (up 26% to €27.2m) and other markets (up 23% to €23.5m). The company avoided any further comment on what was happening within geographic regions and said nothing about any effect from Germany.
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