Yggdrasil posts strong first quarter showing

Yggdrasil Gaming has reported a successful first quarter of 2018, with both revenues and earning showing significant increases.

It’s 73 per cent rise in revenues saw figures of SEK57.6m reached, eclipsing the previous years SEK33.3m, whilst EBITDA rose to SEK18.1m, a 26.5 per cent year-on-year increase from 2017’s SEK13.3m.

Regarding EBITDA margin, a slight drop from 40 per cent to 31 per cent was reported, which CEO and founder, Fredrik Elmqvist, addressed by saying: “The decline in margin is accounted for by the additional investment at London’s ICE trade show, as well as costs taken in conjunction with the ongoing expansion of the business.”

Also amongst its Q1 figures, the online gaming content developer announced that mobile gaming accounted for 61 per cent of its total estimated gross game win, with total player rounds also showing a 90.2 per cent increase to 1.3bn.

In addition to this, a number of other first quarter highlights have been highlighted by Yggdrasil, including its entry into table games, plans to enter Spain alongside GVC and the launch of it new studio partnership program, YGS Masters.

Regarding his firm’s Q1 showing Elmqvist commented “Once again, I am proud to be in a position to present another action-packed quarter for Yggdrasil Gaming,” before adding: “As ever, innovation remains at the very core of Yggdrasil’s DNA. Innovation is on show in everything we do, but particularly in the strategic initiatives either progressed or launched during the quarter.

“We began the year announcing our upcoming table games product, which we are confident will revolutionise the vertical when it launches later this year.

“The product is based on a new, proprietary technological framework, Redux, which combines the best aspects of live and RNG casino, allowing players to immerse themselves in a fully 3D environment.

“Similarly, our bingo product, announced at the end of 2017, continues to progress. Bringing the Yggdrasil spark to these new verticals presents us with a significant growth opportunity.

“Alongside these new initiatives, we continue to develop new, world-class casino slots content and expand our commercial operations. Yggdrasil has also worked closely with our customers and I am very happy to announce that we have signed a number of high profile operators, adding to our strong customer list.

“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 laying ahead, and we will continue to prioritise growth and build upon our world-class offering.”

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