Swedish online gaming company Yggdrasil saw its revenues soar in 1Q17, reporting a massive 134% year-on-year jump to SEK33.3 million (US$3.75 million) – up from SEK14.2 million 12 months earlier.
EBITDA for the period climbed from SEK7.9 million in 1Q16 to SEK13.3 million with EBITDA margin at 40%, while the number of player transactions increase by 121% to 701 million.
Yggdrasil’s impressive results follow a busy three months to start the year in which it released three new games – Beauty & the Beast, Alchymedes and Chibeasties 2 – signed 10 new license agreements, including William Hill and bwin, and launched Yggdrasil Dragons, a new initiative to enter mutually beneficial partnerships with entrepreneurs.
Yggdrasil CEO Fredrik Elmqvist said, “Even by the high standards we have set ourselves at Yggdrasil, 2017 has kicked off with an incredibly busy and productive first three months. Revenues continue to rise and profitability (EBITDA) has exceeded SEK13 million.
“We began the year with organizational 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.
“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.”