Yggdrasil enjoys another strong quarter

Cherry Group’s online gambling games development subsidiary Yggdrasil Gaming has booked another strong quarterly performance, reporting the following highlights from its Q2-2018 activity:

* 13 new licence agreements signed (12 in Q2-2017);
* 5 new games launched including first Table Game “Sonya Blackjack” (3);
* 2 gaming studios signed with YGS Masters;
* Number of FTEs 243 (134);
* Yggdrasil partners with Nitro Circus for first ever branded game;
* Player rounds increased by 66 percent to 1,328 million (801);
* Mobile share of EGW was 62 percent (56 percent);
* Total operating revenues increased by 65 percent to SEK 66.7 (40.4) million;
* EBIT increased by 8 percent to SEK 16.6 (15.3) million on margin of 24.9 percent;

The developer reported on H1-2018 performance:

* Total operating revenues increased by 67 percent to SEK 124.3 (73.7) million;
* EBIT increased by 17 percent to SEK 30.4 (26) million on margin of 24.5 percent (35.3 percent);
EBIT margin amounted to 24.5% (35.3%)

Notable events after the quarter included:

* Signed with 888, Intralot and Tipsport. The signing with Tipsport allows Yggdrasil to enter into the Czech Republic market;
* Launch of casino games fan site;

CEO Fredrik Elmqvist reported

“The second quarter has been active with the launch of Sonya Blackjack, the first game out in our new product vertical Table Games, including our ground-breaking motion capture technology and in-house proprietary client framework platform.

“We have also launched a number of new blockbuster titles including Vikings Go To Hell, the third game in the highly appreciated Vikings series, and most recently Tut’s Twister. I am immensely proud of the achievements made by the team and for the continued strong demand among both operators and end players.”

Elmqvist concluded by observing that conditions are favourable for the company to capture additional market share going forwards.

“We will continue to put full emphasis on growth and further quality enhancement initiatives targeting both our products and the business,” he said.