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NEWS 25 August 2017

Yggdrasil has yet another strong quarter

By Harrison Sayers
Yggdrasil has attributed an "accelerated growth" which has seen a 116% increase in corporate revenue, to the securing of 24 new partner operators during the H1 period.

Fredrik Elmqvist, Yggdrasil's CEO commented: “Yggdrasil has been expanding its regulated footprint in recent months, and investments in new markets, including the UK, are now generating revenues. It is exciting to see that these investments have proven to be bang for our buck, and it underlines our commitment to these markets as part of our wider corporate strategy.”

The Q2 2017 report shows revenues grew by 103% in comparison with the same period last year, topping SEK40m(£3.9m), a new company high.With the profit margin now at 42%, the companies EBITDA has increased by 76% to £2.9m.

“The investment was the focus during Q2, and we continue to invest in new markets, new games, new product features and new infrastructure, including the establishment of Yggdrasil Gaming Sweden AB. We have also focused upon the reorganisation of the company to allow us to scale, with our CSO, CPO and CTO functions now restructured to clarify responsibilities and duties. This work has been fundamental in highlighting necessary recruitment.”

Player transactions have also seen a dramatic increase reaching 1.5 billion rounds operating at a 99% increase.

The company has recruited 23 new staff this quarter with a view to add even more members to their ever growing team of 143 people.

“Costs are growing, which is necessary for us to deliver upon our ambitions, but to be able to deliver an operating profit of more than SEK15m for the second quarter shows that we remain focused on the bottom line.”
RELATED TAGS: Online | Financial | Industry
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