Figures published on Wednesday show the Stockholm-listed Evolution produced revenue of €177.7m in the Q4 2020, showing an increase of 68% on Q4 2019. Earnings went up 72% to a staggering €96.2m on a brilliant 54.2% margin. The period ended with a profit of €80.6m, a 72.2% rise compared to the previous year.
Evolution ended the challenging 2020 on a high note. On December 2, the software creator acquired its biggest competitor NetEnt in a jaw-dropping SEK19.6b deal. Even though they sealed the deal in Q4, the NetEnt acquisition only brought the revenue up by 5%.
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Due to its geographic expansion, the company’s operating expenses climbed 62% to €92.8 million, €12.4 million related to NetEnt.
Unsurprisingly, Martin Carlesund, Evolution’s CEO, has stated that he is very excited to see what 2021 brings. As far as we can see, Evolution has kickstarted this year by launching new products. The developer has continued its streak following the introduction of the first-ever live craps game that appeared in Q4 last year.
Although both Evolution and NetEnt dominate Europe, there’s also another market up for grabs — the USA. While Evolution launched a live casino in Pennsylvania in Q4 and NetEnt entered Michigan’s online casino market, we’re still waiting for them to conquer other states.
