Evolution rises as Q3 in line despite Georgia strike impact

Evolution AB (publ)

24/10/2024 08:39

** Shares in Evolution  EVOG.ST  soar 9.5% after the Swedish
online gaming company reported Q3 in line with forecast despite
ongoing issues with its Georgian workforce
    ** It posted Q3 underlying EBITDA excluding one-offs at EUR
356 million versus EUR 354 million seen by company consensus
    ** J.P.Morgan says the company's Q3 came in with no
surprises overall, seeing it broadly in line
    ** The broker adds that this should be well perceived given
ongoing labour strikes in Georgia that could have had a bigger
negative impact on the business
    ** However, Evolution now sees 2024 EBITDA margin slightly
below previously communicated 69-71% range 
    ** Evolution shares are the second best performer on the
pan-European 600 index  .STOXX 

 (Reporting by Marta Frackowiak)
 ((marta.frackowiak@thomsonreuters.com))