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Yggdrasil Gaming, the Swedish-based online and mobile developer, has increased its revenue by 73% year-on-year according to the company’s Q1 2018 report.
Revenue totalled $6.54m compared to $3.78m during the same period in 2017. The growth was driven by an underlying increase to the company’s scale of operations. This was reflected by a 61% rise in mobile gross game winnings and a 90.2% jump in the number of player transactions.
These solid improvements helped the company’s operating profits jump by 29% to $1.57m as well as increasing EBITDA year-on-year from $1.51m to $2.05m.
Yggdrasil are looking to continue to grow their operations having signed nine license agreements during Q1 2018, including bet25.dk and two new partners in Italy, Lottomatica and Stanleybet. The company has also recently announced plans to expand into Spain through a deal with GVC.
Commenting on the results Fredrik Elmqvist, CEO and founder of Yggdrasil, said: “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. I am very excited regarding the opportunities lying ahead, and we will continue to prioritise growth and build upon our world-class offering.”
