Yggdrasil Gaming, one of the fastest-growing online and mobile gaming solutions providers, announced its financial results for the first three months of the year. The company revealed that it had experienced a great start of 2017, after a pretty successful 2016 performance. Yggdrasil Gaming revealed continuous profits increase and projected further success over the upcoming quarters.
The Chief Executive Officer of Yggdrasil Gaming, Fredrik Elmqvist, commented on the company’s performance over the first quarter of 2017, saying that the gaming solutions provider had managed to stay productive in the first three months of the year. He shared that continuous growth was faced by the company, while its earnings before interest, taxes, depreciation and amortisation (EBITDA) had surpassed SEK13 million.
Yggdrasil Gaming highlighted the massive 134% increase in its revenues year-on-year. The revenues generated by the company over the first three months of 2017 amounted to SEK33.3 million in comparison to SEK 14.2 million reported over the corresponding period a year ago. The EBITDA over the three-month period reached SEK 13.3 million, compared to SEK7.9 million a year ago. The EBIT for the period also increased from the SEK5.5 million in the same quarter a year earlier, to SEK10.7 million.
Over the first fiscal quarter of 2017, mobile gaming accounted for a total of 52.3% of Yggdrasil Gaming’s total gross game win.
The fact that the number of player transactions increased during the first financial quarter by 12% year-on-year, which was even greater for the company. The player transactions over the first months of the year reached 701 million.
Apart from the excellent financial performance, the company faced a number of other milestones over the first three months of the year. The online and mobile gaming solutions provider launched Yggdrasil Dragons, a new initiative to enter new partnerships with entrepreneurs.
In addition, the company revealed a global expansion strategy, which included some plans to enter the Italian market, with bwin becoming the first partner of the company in Italy. A number of new games were officially released, and a total of ten new licence agreements were inked with a number of operators, including one of the leading UK gaming and betting operators William Hill.
As Mr. Elmqvist explained, Yggdrasil Gaming began the year with some organisational changes. Mr. Andrew Pegler took over the position of Chief Commercial Officer in Gibraltar. Krzysztof Opalka, on the other hand, was appointed at the position of Chief Product Officer. A number of new positions have also been created in the company’s structure.
The Chief Executive Officer of the gaming solutions provider also provided his projection for the upcoming quarter, saying that Yggdrasil Gaming has every chance of keeping its positions with the correct structure running and the excellent growth in new regulated markets. He explained that the company undoubtedly had a leading position in the market when it comes to its in-game promotional tools. Still, it became clear that the company plans to continue making investments in various product developments in order to maintain its positions in the market.
- Author
Olivia Cole
