Evolution's Q3 2023 revenue and profits tumble amid cyber-attacks and UK scrutiny
Evolution has reported a drop in financial performance for the third quarter of 2023. Revenue fell by 2.4% to €507.1 million, while profits declined by 23.2% compared to the same period last year. The company also faces ongoing regulatory scrutiny in the UK. The gaming supplier's Q3 results showed a clear downturn. Revenue reached €507.1 million, down from the previous year's figure. Profit also shrank to €252.3 million, a 23.2% decrease.
EBITDA followed the same trend, dropping 18.9% to €337 million. The EBITDA margin fell from 71.7% to 66.4%. These declines came as Evolution dealt with cyber-attacks in Asia, which continued to affect regional revenue.
In Europe, however, performance improved. Quarterly revenue rose to €182.2 million, offering a rare positive in the report.
Regulatory issues added to the challenges. The UK Gambling Commission began reviewing Evolution's licence in December 2022 after finding its games on unlicensed sites. CEO Martin Carlesund suggested the investigation would conclude by the end of 2023. Gambling Commission head Andrew Rhodes had earlier warned operators to check their partners for illegal activity. Evolution now awaits the outcome of the Gambling Commission's review, expected before 2024. The company's Q3 results highlight financial pressures, with revenue, profit, and EBITDA all down. Cyber-attacks in Asia and regulatory concerns in the UK remain key hurdles for the business.
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