Yggdrasil nears profit after sharp revenue rise
Cherry-backed games developer signs up new operators including Betsson and GVC during busy Q1
Games developer Yggdrasil saw a 156% increase in year-on-year revenues to SEK2.3m (£178,000) for the first three months of 2015, as the firm nears profit two years on from receiving investment from operator Cherry.
Negative EBITDA of SEK0.4m (£31,000) was also an improvement on the SEK1.2m (£93,000) lost in Q1 2014 as the firm edges towards profitability.
CEO Fredrik Elmqvist said that deals with large scale operators including Betsson and GVC should power further growth through the rest of 2015.
“I’m very pleased with the start we’ve made to 2015 following a breakthrough year for Yggdrasil in 2014. We’ve recently signed deals with operator heavyweights like Betsson and GVC and that is the best possible testimonial for our range of products and services,” Elmqvist said.
“We now have 22 operators signed up and 16 of those were live by March – that is compared with just two operators signed in December 2013,” he added.
Yggdrasil has recently launched a new version of its HTML5 framework iSENSE 2.0, which will allow operators to offer the firm’s games across desktop and mobile, in a move which see Yggdrasil games go out to more customers.
The Malta-headquartered firm continues to invest in further growth, recently opening a new office in Krakow.