Yggdrasil highglights another strong quarter

Cherry Group’s online gambling games development subsidiary, Yggdrasil has followed the parent group’s published Q1-2017 results (see previous report) with a detailed breakdown of its own numbers, flagging the following highlights:

* Revenues for the period increased by 134 percent year-on-year to SEK 33.3 million (Q1 2016: 14.2);
* EBITDA for the period increased to SEK 13.3 million (7.9);
* EBITDA margin was 40 percent;
* EBIT for the period increased to SEK 10.7 million (5.5);
* Number of player transactions increased by 121 percent year-on-year to 701 million;
* Mobile gaming now delivers 52.3 percent of total gross game win:
* The company launched Yggdrasil Dragons, a new initiative to enter mutually beneficial partnerships with entrepreneurs;
* Andrew Pegler was appointed chief commercial officer Gibraltar, and Krzysztof Opałka was promoted to chief product officer;
* The company announcement plans to enter the Italian supplier market;
* Announced new game mechanic Fusion Realms;
* Three new games were released: Beauty & the Beast, Alchymedes and Chibeasties 2;
* 10 new licence agreements were signed including William Hill and Yggdrasil’s first partner in Italy, bwin;

Notable events after the quarter included:

* Launched revamped platform iSENSE 2.0+
* Launched new game Power Plant
* New CTO signed in Poland
* Hired first CSO (Chief Studio Operations)
* Yggdrasil Gaming Sweden AB established
* Signed a contract for a new office in Stockholm via Skanska

CEO Fredrik Elmqvist reported that the first quarter had been extremely busy and productive, yielding good results that included rising revenues and profits which breached the SEK13 million benchmark.

Elmqvist noted good business in Gibraltar and the UK, and anticipated progress in the Italian market once licensing is achieved.

“With the correct structure in place and encouraging growth in new markets, it is vital Yggdrasil continues to do what it does best: continue to disrupt the industry and search for game-changing innovations that have a commercial impact,” he said.

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