Cherry group subsidiary posts its Q1-2018 results

Swedish games and software developer Yggdrasil Gaming in the Cherry Group has followed the parent company’s latest Q1 results (see previous reports) with its own performance metrics, highlighting:

* Revenues up by 73 percent year-on-year to SEK 57.6 million (Q1 2017: 33.3 million);

* Growth in local currency Euro was 65 percent year-on-year, aided by positive foreign exchange movements;

* EBITDA up at SEK 18.1 million (Q1-2017: SEK13.3 million) on margin of 31 percent (40 percent);

* EBIT up at SEK 13.8 million (10.7);

* Player transactions grew 90.2 percent y-o-y to 1,333 million;

* Three new games were released: Ozwin’s Jackpots, Gem Rocks and Easter Island;

* 9 new licence agreements were signed including bet25.dk and two new partners in Italy, Lottomatica and Stanleybet;

* Mobile gaming delivered 61 percent of total estimated gross game win;

* Company has entered the table games vertical;

* Plans to enter Spain in a deal with GVC Holdings;

* YGS Masters, a new studio partnership program, launched.

Events after the Q1 period have included:

* First exclusive Yggdrasil White Label Studios game, Royal Family, launched with LeoVegas;

* Northern Lights signed as the first partner to join Yggdrasil’s YGS Masters;

* One new slot game was released, Lucha Maniacs.

Fredrik Elmqvist, CEO of Yggdrasil, said that Q1 has been an action-packed period, beginning with the announcement of the new table product due for launch this year and combining the best aspects of live and RNG casino.

“Similarly, our bingo product, announced at the end of 2017, continues to progress; bringing the Yggdrasil spark to these new verticals presents us with a significant growth opportunity,” he said..

“We also launched a new strategic partnership initiative, YGS Masters, in reaction to the increasingly fragmented gaming value chain. An invite-only, semi-open platform, YGS Masters will enable us to curate content from the world’s leading independent games studios and distribute via our platform.

“Alongside these new initiatives, we continue to develop new, casino slots content and expand our commercial operations. This quarter we announced our forthcoming entry in Spain, one of Europe’s fastest growing online gaming markets. Coming on the heels of our entries into Denmark and Italy, our commitment to expanding our footprint in Europe’s regulated markets is clear.

“I believe the conditions are right for continued strong growth ahead. We see strong interest in our games and in-game promotional tools among both operators and end players.”

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