The online and mobile gaming products and solutions provider Yggdrasil Gaming, which operates as a subsidiary of Cherry Ab, revealed its fourth-quarter and full-year results, celebrating an extremely successful year for the brand.
The Chief Executive Officer of Yggdrasil Fredrik Elmqvist commented on the company’s performance, saying that Yggdrasil has gone through another consecutive quarter of stability, seeing excellent growth generated, new partnership contracts, as well as new games releases. Mr. Elmqvist explained that the quarterly figures were particularly pleasing, especially considering the fact that Yggdrasil’s revenues soared by 207%.
The brand’s boss shared that the company was still following its goal to become the best gaming supplier in the industry and gladly explained that over the years Yggdrasil had managed to turn into one of the major forces in the gaming sector, with staff in the UK, Italy, Sweden and Poland.
As revealed by the gaming provider, Yggdrasil Gaming saw a massive increase of 207% in its revenues over the last three months of 2016. The revenues rose from SEK 10.4 million over the same quarter a year earlier to SEK 31.8 million. The earnings before interest, taxes, depreciation and amortisation (EBITDA) also increased over the fourth fiscal quarter, reaching SEK 13.2 million. The company’s fourth-quarter EBIT rose to SEK 9.3 million.
The company revealed that mobile gaming accounted for 51% of the total gross game win of the company, while the number of customers transactions also rose by the massive 210% year-on-year, reaching 633 million.
The important events in the company’s fourth quarter included the official release of three new games, including Vikings Go Berzerk, Empire Fortune and Super Heroes. Also, ten new licence agreements were inked with a number of major market players such as Gaming Innovation Group (GIG), Lottoland, Tain and SuprNation. Yggdrasil Gaming also launched a special tool, called Missions, which is the first of its kind in the industry.
What is more, the company took off to the planned expansion, as it made a decision to establish a new parent company and an expansion to office in Stockholm.
When it comes to the 2016 full-year performance of Yggdrasil Gaming, the results were just as impressive as they were in the fourth quarter. The full-year revenues of the company rose by 332%, reaching SEK 86.9 million. On the other hand, the EBITDA of the brand had a massive 670% boost, thanks to which it reached SEK 40.1 million.
There was also a 418% increase in customers transactions, which reached 1.8 billion. The company managed to release 13 new games over the twelve months from January 1st to December 31st, and what is more, reached 20 partnership agreements with some of leading operators in the market, such as bet365, Bwin and Casumo. A total of 11 partnership contracts were signed in the UK market alone, which led to a great expansion in the country, which has grown to one of the major expansion targets for Yggdrasil Gaming.
As Chief Executive Officer Elmqvist explained, the company would continue following its expansion and consolidation strategy, with an official launch in Italy expected to happen in the second fiscal quarter of 2017. The addition of new projects and games to its gaming portfolio has also been among the main targets of Yggdrasil for the current fiscal year.
- Author
Olivia Cole
