‘Evolution Latvia’ achieved record turnover and profit last year

Latvia-based information technology (IT) and game presentation outsourcing provider SIA Evolution Latvia increased its turnover by 26.1% last year compared to the previous year, reaching 73.519 million euros, reports Lursoft’s “Client Portfolio”.

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The company’s profit has grown even faster. Last year, after taxes, it was 6.154 million euros, which was 53.5% more than in 2016. Evolution Latvia’s financial indicators for 2017 are the highest in the company’s 12-year history.

The average number of employees in the company in 2017 increased to 2967 employees from 2285 employees in 2016 or by 30%. Evolution Latvia reports in its annual report that the company’s production costs increased by 25% compared to the previous year, which the company estimates as a corresponding increase, taking into account the increase in turnover. In turn, administration costs have increased by 39%.

The company continued to invest in studies last year, as a result of which the residual value of fixed assets on its balance sheet at the end of last year was 10.7 million euros. In 2017, Evolution Latvia invested two million euros in leased premises and 3.5 million euros in technical equipment.

The company expects that its growth will continue in 2018 as the volume of services provided and investments in the company’s fixed assets increase.

In 2017, the company’s total payments to the general state budget were 19.830 million euros, which was 39.3% more than in 2016.

SIA “Evolution Latvia” provides live broadcast study services and provides IT solutions to the related company “Evolution Malta Ltd.”, which provides live broadcast casino systems for companies in the gambling industry.

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The company was registered in 2006. Its share capital is EUR 2,828 and its sole owner is Evolution Malta Holding Ltd., registered in the Republic of Malta. In 2016, the turnover of SIA “Evolution Latvia” was 58.283 million euros and its profit after taxes was 4.009 million euros.

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