Yggdrasil chief ‘proud’ of first-half growth

Fredrik Elmqvist, chief executive of Yggdrasil, said his staff should be proud of their efforts in the six months to June 30 after the company achieved significant financial growth.

Revenue for the first half came in at SEK34.1 million (€3.6 million/$4 million), an increase of 661% on the SEK4.5 million posted in the corresponding period last year.

Operating profit improved from a loss of SEK4.7 million to a positive of SEK12.2 million, with the company having an operating margin of 36%.

Yggdrasil also noted that mobile gaming has now increased to 48% of total gross game win, while the total number of player transactions in the first half rocketed by 1,062% to 753.1 million.

“The entire team can be very proud with how things have progressed in the first half of 2016 for Yggdrasil; our strategy is firmly on track and we are consistently smashing our target numbers out of the park,” Elmqvist said.

“The growth we have achieved has been excellent, but we are still in a volatile phase of expansion so we need to view the current results in a more long-term perspective.

“We have focused predominantly on organic growth from existing customers over the past nine to 12 months, delivering a range of market-leading promotional tools that have proven very popular with our customers and their players.

“Our attention now turns to new business as we are ready to take on a lot more after investing significantly in infrastructure and focusing on optimisation during H1.”

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