In the three months to June 31, Malta-based content developer Yggdrasil Gaming saw revenues jump 65 per cent during what CEO Fredrik Elmqvist called “another eventful quarter”.
Total operating revenues rose to SEK66.7m (€6.4m), year on year, while earnings (EBIT) increased by eight per cent to SEK16.6m (€1.59m). The EBIT margin did fall however, down to 24.9 per cent from 37.9 per cent in the same period in 2017.
For the year to date, Yggdrasil’s total operating revenues increased by 67 per cent to SEK124.3m (€11.9m) while EBIT rose by 17 per cent year on year, to SEK30.4m (€2.9m).
“Yggdrasil is once again able to present another eventful quarter characterised by strong growth and further expansion,” said CEO Elmqvist.
“Player rounds increased by 66 per cent from the second quarter last year and revenues reached SEK66.7m, representing an uptick of 65 per cent. During the quarter we intensified our investment phase focusing on the organisation, product and business verticals, yielding a profitability of as measured by EBIT of SEK16.6m and a 25 per cent margin.
“The second quarter has been active with the launch of Sonya Blackjack, the first game out in our new product vertical Table Games, including our ground-breaking motion capture technology and in-house proprietary client framework platform. We have also had a flying start for our YGS Masters programme and announced partnerships with two independent gaming studios,” continued the CEO in a statement.
“We have also launched a number of new blockbuster titles including Vikings Go To Hell, the third game in the highly appreciated Vikings series, and most recently Tut’s Twister.
“I am immensely proud of the achievements made by the team and for the continued strong demand among both operators and end players.”
“On the back of the second quarter performance I am excited by the opportunities lying ahead and believe conditions to be right for Yggdrasil to capture additional market share going forwards.”
There is every indication the strong performance will continue. After the Q2 reporting period closed, Yggdrasil has signed deals with 888, Intralot and leading Czech operator Tipsport.