Yggdrasil delivers record financial performance in Q3

9 November 2017

Yggdrasil Gaming has reported record earnings before interest, tax, depreciation and amortisation (EBITDA) for the third quarter, with revenue also increasing by 110% on a year-on-year basis.

Revenue amounted to SEK44.1m (€4.5m/$5.3m), compared to SEK21m in Q3 of last year, while EBITDA hiked from SEK9.2m to SEK18.7m.

Earnings before interest and tax increased from SEK5.8m to SEK15.3m, while the firm reported a 132.6% year-on-year jump in the number of player transactions in the quarter, with this amounting to over one billion.

Yggdrasil also said that mobile gaming now accounts for 59% of total gross game win.

Fredrik Elmqvist, chief executive of Yggdrasil, said: “Once again, we have delivered an all-time high result, with EBITDA for the period hitting SEK18.7m; it is a fantastic achievement which was only made possible by the hard work of the most dedicated and talented team in gaming.

“This growth has been driven by an increase in traffic to our games; during the third quarter the number of rounds has increased by 132.6% versus last year, while we have also added 10 new licensees, including Betfred.

“Our focus remains on laying solid foundations to ensure we can continue our growth trajectory off the back of these extremely strong results.

“Recruitment has also stayed at the top of the agenda during the quarter; across the business we recruited or contracted 27 people during Q3, taking the Yggdrasil team to 170 by the end of September.

“Due to our growing workforce, we have secured additional office space in Krakow and in Malta, are looking to move to a bigger space in Gibraltar, and have a new office operational in Stockholm.”

Elmqvist added: “As you’ll see by the growth in profit, this expansion has been achieved in a cost-efficient manner.

“As is natural for a fast-growing company, costs will continue to grow, but we remain focused to ensure additional spend helps spur further growth.”

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