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Third Quarter Expansions
The company’s growth strategies have paid off and the revenue has increased significantly. The period brought a 62% rise to SEK 71.5m (€6.8m), whilst EBIT (Earnings) has grown by 26% year-on-year and reached SEK 19.3m (€1.8m), in comparison to the same period in 2017, which totalled 15.3m (€1.4m). The FY figures amounted to SEK 195.8m (€18.8m), which a 66% increase. Nevertheless, the margin has decreased to 27% compared to the last year’s 35%.
The success is partly due to the strategic partnerships the firm had established in the past three months. Penning contracts with the Nordic ATG and Svenska Spel before the 2019 shift in Swedish law regulation has been key in Yggdrasil’s business strategy. Many other suppliers ad operators like Evolution Gaming and NetEnt followed the steps.
Fredrik Elmqvist, Yggdrasil CEO and founder, highlighted entering the Taiwanese market just as important. In addition, Yggdrasil has signed a deal with Czech Tipsport, Italian Intralot, became certified in Spain, struck a supply deal with Åland Islands-based operator Paf, leading iGaming software provider EveryMatrix, and Genting Casino UK.
After the close of the quarter, Elmqvist said, the firm will sign a deal with Finnish Veikkaus, further expanding its influence in Europe. “We continued to fully emphasise our expansional focus by making investments for the future, both in the business and into new products,” the CEO added.
As for other plans for the following 3 months, Yggdrasil is focusing on its YGS Masters program.
Manchester and Stockholm-based Northern Lights has already joined the team, and the developer is focusing on growing within the UK market in the last quarter of 2018. Elmqvist wrapped up his speech with, “We continue to put full emphasis on growth and making investments into the organisation to stay at the forefront as a true industry innovator and to pave the way for our continued journey.”