Presenting its Q1 2017 trading statement, the governance of Yggdrasil Gaming states that it is confident of achieving its full-year corporate expectations having recorded a very strong start to its financial year.
Updating investors, Yggdrasil would declare an all-metric improvement, as corporate revenues increased by 134% to SEK 33 million/ €3.45 million (Q1 2016: SEK 14.2 million). The firm’s strengthened commercial pipeline has seen the industry platform and games supplier transactions (game rounds) surpass the 700 million mark.
The increase recorded in player activity would see Yggdrasil post a period EBITDA of SEK 13.3 million/ €1.4 million (Q1 2016: SEK 7.9 million).
Yggdrasil governance stated that it was happy to close a busy and productive period, in which the company had secured 10 new licence agreements with operators such as William Hill and Bwin as its first Italian market partner.
The company continues to invest in its product development team, announcing a number of new technical hires to aid its industry games output. Furthermore, Yggdrasil was pleased to launch its newly revamped iSense 2 mobile platform.
Comment on a successful Q1 2017 performance Fredrik Elmqvist, CEO of Yggdrasil stated
“We began the year with organisational alterations on both the ordering and supplier side of the operation, with the intention of ensuring the correct foundations are in place to allow us to scale at a pace that matches our ambition, appetite and growth rate.”
“Krzysztof Opałka was promoted to the new position of CPO, Andrew Pegler was named CCO Gibraltar and we have also created a number of new positions across all entities.”
“Hiring Andrew to oversee our Gibraltar operation was a particular coup. We now have four Gibraltar operators live and there is more interest from the jurisdiction. Meanwhile, the UK remains a small but fast-growing market for us, and we believe that proposed regulations around how casino games are promoted will work in our favour.”
“Elsewhere, there are also exciting times ahead for us in the Italian market. We expect our first customer, bwin, to go live during Q2.”
“With the correct structure in place and encouraging growth in new markets, it is vital Yggdrasil continues to do what it does best: continue to disrupt the industry and search for game-changing innovations that have a commercial impact. We are now in a clear market-leading position when it comes to in-game promotional tools, but we continue to invest in both these and similar product developments to ensure we stay ahead of the chasing pack.”