Stockholm-listed Cherry AB online games developer Yggdrasil Gaming (Yggdrasil) has reported a continued strong momentum for its H1 2016 performance, as the company secured eight new licence agreements during the first half of the year.
Updating the market, Yggdrasil would declare a 661% increase in corporate revenues to SEK 34.1 million (£3 million).
Driven by increased player activity on its gaming products, the Malta-based firm would detail that player wagering transactions on had hit the + SEK 753 million (£67 million) mark.
The firms improved top-line metric performance, would see it declare period operating profits of SEK 12.2 million, reversing H1 2015 losses of – SEK 4.7 million.
Yggdrasil governance was pleased to close a period of high commercial activity, in which it had secured top-tier gaming clients including bet365 and bwin.party. Furthermore, the developer released six new games to market during the period, with titles including Bicicleta, Wicked Circus, Monkey King, Incinerator, Golden Fish Tank and Seasons.
Comment on H1 2016 performance Fredrik Elmqvist CEO of Yggdrasil gaming stated:
The entire team can be very proud with how things have progressed in the first half of 2016 for Yggdrasil. Our strategy is firmly on track and we are consistently smashing our target numbers out of the park. Being awarded Slot Provider of the Year at the 2016 EGR B2B Awards was a huge moment for the company and proved that we are now a tier one supplier. This is all thanks to a rapid moving and growing team.
The growth we have achieved has been excellent, but we are still in a volatile phase of expansion so we need to view the current results in a more long-term perspective. We have focused predominantly on organic growth from existing customers over the past nine-twelve months, delivering a range of market-leading promotional tools that have proven very popular with our customers and their players.
Our attention now turns to new business as we are ready to take on a lot more after investing significantly in infrastructure and focusing on optimisation during H1. The fact we have signed massive names like bet365 and bwin.party shows how well our products and promotions are being received by the very best in the business