Evolution doubles 2021 profits as leadership aims to bolster new games pipeline

Evolution Gaming has surpassed the €1 bn mark in operating revenues recorded during 2021 –  buoyed by record-breaking Q4 results that registered double/triple digit growth across all core trading metrics.

Publishing its full-year 2021 financial results, the firm registered Q4 revenues of €300m, up 69% on corresponding 2020 results of €177m.

Revenue growth was attributed to a ‘continued global demand for Live Casino content’ and improved sales of its RNG portfolio, helping Evolution achieve a 115%  Q4 EBITDA increase to €207 million (Q42020: €96m).   

Closing year-end trading, Evolution cited that it had reached a milestone ‘+1,000 live tables’ across its client network, helping the Nasdaq Nordic games supplier declare Q4 profits of €171m, up 113% on corresponding Q4 2020 results of €80m.

A breakdown of full-year 2021 results saw Evolution register operating revenues of €1.068bn, ahead by 90% on FY2020 of €561m.

The firm’s revenue make-up comprised €840m generated by its Live Casino unit and €230m attributed to its RNG portfolio.  

Citing positive commercial developments with new and existing partners, Evolution recorded an FY2021 EBITDA of €734m, more than doubling its respective FY2020 results of €332m.

An expansion of operations during the year’s trading did, however, see Evolution double its operating expenses to €414m – “mainly driven by higher costs for personnel, connected to the launch of new tables and studios”.

Closing the 2021 accounts statement, the firm declared operating profits of €654m, up 118% on 2020 results of €299m.

Turbocharging its 2022 commercial pipeline, yesterday Evolution announced the launch of 25 new RNG games available to partners.

Group CEO Martin Carlesund commented on performance, saying: “To sum up the last quarter of another intense year – we continue to move full speed ahead.

“Yesterday’s 2022 product roadmap announcement set the tone for what will be an exciting product year where we will continue our relentless focus to take the player experience to the next level and increase the gap to competitors. 

“Finally, looking back at 2021, a year where several important milestones have been accomplished, I want to take this opportunity to thank and acknowledge the commitment and impressive work from all Evolution employees who continue to strive to make Evolution just a little bit better, every day. It is an amazing global team and I look forward to an exciting 2022.”

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