Evolution is seeking a significant ramp up of expansion through the current year across all operations as the group sets an ambition of widening the gap to its competition.
Those were the words of CEO Martin Carlesund in an end of year report, echoing the sentiment of a recent Q4 and FY breakdown, with 2023 tasked with changing the fortune of an underperforming RNG division.
For the full-year, revenue rose 36.3 per cent to €1.45n (2021: €1.06bn), with live casino topping the €1bn barrier to close the 12 month period at €1.18bn (2021: €839.23m).
RNG came in at €268.42m for the year, an increase of 16.94 per cent YoY from €229.53m, however, the group noted that this still remained below expectations.
“In the very challenging market environment of 2022 … our results clearly reflect our strong competitive offering”
However, through the addition of Nolimit City, a studio dubbed “provocative” and as having “a humorous touch”, the output of fresh releases is expected to step up significantly.
Through 2022, 88 new games were launched, a figure that Carlesund had previously suggested was “on the softer side,” with efficiency and quality in production cited as improvement points moving forward.
“In the very challenging market environment of 2022 – impacted by the war in Ukraine, widespread inflationary pressure, and strained supply chains – our results clearly reflect our strong competitive offering and relentless focus on execution,” Carlesund began his opening remarks.
As the group’s live division was hailed as maintaining “strong demand across all regions,” Carlesund touched back on the group’s RNG segment to detail drawbacks from the past year, as well as where Evolution intends to forge ahead.
During 2022, he said, work was “intensively towards” a target of digital-digit organic growth, however, as previously touched on, revenue was cited as a slightly underperforming segment.
“Structural efforts and the revamping of back-end systems have taken longer than expected but we can also perform better in several areas,” he noted.
In addition to increasing the share of its portfolio that combines both live and RNG mechanics, the company is looking to release in excess of 100 games across 2023.
“…we are fully focused on delivering an expanded line up of slot games for 2023”
“For us, new games both build loyalty to existing players as well as attract completely new categories of players to our game content,” it was said.
Adding: “We always want to do more and better, we are fully focused on delivering an expanded line up of slot games for 2023.”
Furthermore, despite boasting more than 1,300 live tables in its portfolio, continued expansion on this front is also being sought.
In 2022 Evolution’s live casino studio estate continued to expand with the opening of new studios in Madrid, Spain; Yerevan, Armenia; and Connecticut, USA; as well as a second in New Jersey, USA.
In addition to building on a North American focus, where Evolution entered West Virginia and Ontario during Q2 2022, Evolution is aiming to add one to two new locations during the year and maintain investments across its current network.
“I would like to take the opportunity to convey my gratitude to all employees at Evolution for all your great achievements and hard work in 2022,” Carlesund ended. “We have lots of work ahead of us also in 2023 and I am looking forward to the rest of the year together with you.”
