Yggdrasil forecasts further growth after positive Q1

Yggdrasil Gaming has set its sights on further financial success after reporting year-on-year growth in the first quarter.

Revenue came in at SEK57.6m (€5.5m/$6.5m), up 73% on SEK33.3m posted in the opening quarter of 2017.

Earnings before interest, tax, deprecation and amortisation (EBITDA) climbed from SEK13.3m to SEK18.1m, with a margin of 31%, while earnings before interest and tax increased from SEK10.7m to SEK13.8m.

Yggdrasil also noted that the number of player transactions round rocketed by 90.2% year-on-year to 1.33 billion.

Fredrik Elmqvist, chief executive and founder of Yggdrasil, said: “I believe the conditions are right for continued strong growth ahead.

“We see strong interest in our games and in-game promotional tools among both operators and end players.

“I am very excited regarding the opportunities laying ahead, and we will continue to prioritise growth and build upon our world-class offering.”

Yggdrasil’s results come after parent company Cherry yesterday (Thursday) also published its financials for the first quarter, during which revenue climbed 26% year-on-year to SEK681m.

EBITDA at Cherry was also up 131% to SEK192m and profit from SE

Related article: Cherry praises business model as key financials climb