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Yggdrasil Moves Forward Faithful to Expansion Strategy in Q3 ReturnsPublished November 11, 2018 by Lee R
User data is confirming that the Yggdrasil strategy of expansion and growth is being faithfully implemented.
Yggdrasil has released its key business highlights for Q3, and shareholders as well as prospective buyers would do well to update themselves.
New Q3 Developments
Business highlights include 13 new license agreements signed, as well as the launch of three new games: Penguin City, Hanzo's Dojo and Wolf Hunters.
Another major development was the Nitro Circus Launch event marking the maiden branded game partnership for Yggdrasil.
A key holding was established in the UK as well, with the partnership being created via UK legal entity, then certified to launch in Spain, then introduced to the hotbed Czech Republic through a Tipsport agreement, with the first segment of the launch concluding with entry into Taiwan via social gaming operator XSG.
Fan Site Launched
The Yggdrasil fan site Yggdrasil Casino was also launched.
The number of FTEs for 3 2018 reached 272, with player rounds increasing 51% to 1,534 million (1,019 million), with mobile share of EGW reaching 65% (59%)
Financial Performance Figures
Financial highlights for Q3 included a 62% increase in total operating revenue to MSEK 71.5 (44.1); EBIT increasing 26% to MSEK 19.3 (15.3); and EBIT margin gaining 27% (35%).
Year-on-year, these gains translated to 66% for total operating revenues--to MSEK 195.8 (117.9); EBIT increasing 21% to MSEK 49.7 (41.2); and EBIT margin rising 25% (35%).
Post Q3 Positioning
Key events post-Q3 include Yggdrasil’s signing of ATG and Svenska Spel in Sweden ahead of re-regulation in 2019, putting the parent company in favourable position for pure revenue increases when the new market opens.
Other entries included a signing with Veikkaus in Finland, and an employee kick-off in Poland.
CEO Elmqvist Speaks
Yggdrasil CEO Fredrik Elmqvist Q3 called the quarter “eventful” while characterizing the quarter as one of “continued expansion and signing of several new partnerships.”
Elmqvist lauded end user activity data such as player rounds reaching 1,534 million during the quarter for a year-on-year improvement of 51% from Q3 2017.
Elmqvist’s continued effective expansion should comfort shareholders and attract new interest.