Presenting its H1 2017 interim results, industry games provider Yggdrasil Gaming has detailed a strong momentum to its commercial operations driven by ‘accelerated growth’ as the company has secured 24 new partner operators during the period.
Updating the market, Yggdrasil governance would declare a 116% increase in corporate revenues to SEK 74 million (€7 million – H1 2016: SEK 34 million).
The higher revenues combined with an improved operating margin of 42%, would see Yggdrasil declare a corporate EBITDA of SEK 31 million (€3.1 million) up 76% on corresponding 2016’s SEK 17.7 million.
Detailing further highlights, Yggdrasil governance noted the significant growth of its gaming inventory on its client platforms with, the number of its player transaction (rounds) increasing by 99% to 1.5 billion rounds.
Closing a busy period for Yggdrasil development teams, the games provider has launched seven new titles during H1 2017.
A confident Fredrik Elmqvist, CEO of Yggdrasil commented on H1 2017 performance “Yggdrasil has been expanding its regulated footprint in recent months, and investments in new markets, including the UK, are now generating revenues. It is exciting to see that these investments have proven to be bang for our buck, and it underlines our commitment to these markets as part of our wider corporate strategy.”
“In June, we were honoured to win the prestigious ‘Slot Provider of the Year’ award for the second year in a row at the EGR B2B Awards in London. This unprecedented achievement highlights just how well respected we are within the industry. It also shows how far we have come in a short space of time, triumphing in this category over several much larger companies.”
“The investment was the focus during Q2, and we continue to invest in new markets, new games, new product features and new infrastructure, including the establishment of Yggdrasil Gaming Sweden AB. We have also focused upon the reorganisation of the company to allow us to scale, with our CSO, CPO and CTO functions now restructured to clarify responsibilities and duties. This work has been fundamental in highlighting necessary recruitment.”
“On the subject of recruitment, we continue to look for new, talented people to join our world-class team, with several vacant positions waiting to be filled. During the second quarter, we successfully recruited or contracted 23 people, boosting the Yggdrasil team to 143 by the end of June, with more to follow in the coming months.”
“Costs are growing, which is necessary for us to deliver upon our ambitions, but to be able to deliver an operating profit of more than 15 million SEK for the second quarter shows that we remain focused on the bottom line.”