Yggdrasil claims ‘fantastic’ 2015 after heavy revenue growth

Fredrik Elmqvist, chief executive of Yggdrasil Gaming, said the supplier was able to enjoy a “fantastic” year in 2015 after recording year-on-year growth across its key financials.

Revenue for the 12 months to December 31, 2015, amounted to SEK 20.1 (€2.1 million/$2.4 million), which represents an increase of 357% on the total posted in the previous year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) was also up from a loss of SEK 4.6 million last year to a positive figure of SEK 5.2 million in the past 12 months.

Yggdrasil also noted that full-year betting turnover was up 544% to SEK 3.9 billion.

The supplier’s full-year results were boosted by a positive performance during the final quarter of the year, with revenue in the three-month period up 696% on a year-on-year basis to SEK 10.4 million.

EBITDA jumped from a loss of SEK 1.4 million to a plus of SEK 4.9 million, while bet turnover rocketed 991% to SEK 2.3 billion.

Confirmation of Yggdrasil’s impressive year comes after parent company Cherry last week also revealed widespread financial growth in 2015.

“Yggdrasil enjoyed an absolutely fantastic 2015, which has put us in a position to push on this year and firmly establish ourselves as a top-tier supplier,” Elmqvist said.

“It is tough to pick out just a handful of highlights in what was an action-packed year which saw stratospheric revenue growth, positive year-end EBITDA for the first time and several industry-first launches.

“We continue to grow as a company, even faster than our own estimations – we expected to be a team of around 28 by the end of the year and come December we had already hit 45.

“Our aim at Yggdrasil is not to become the biggest provider in the market, but we certainly aim to be the best.”

Related article: Cherry reports online expansion as revenue rockets in 2015