Game development studio Yggdrasil saw strong growth in the third quarter of 2015 with the company posting a positive EBIT for the first time in September.
Revenues for Q3 leapt 339 per cent year on year to SEK5.3m (£0.27m) while bet turnover increased still more, by 449 per cent to SEK1,003.5m (£76m).
Mobile accounted for 33 per cent of the total gross game win in Q3 and Yggdrasil has a total of 25 signed agreements with operators.
The company has chosen to discontinue its Curaçao licence, migrating clients to Yggdrasil’s Malta licence. An application for a UK licence has also been submitted.
Fredrik Elmqvist, CEO, said of the results: “Yggdrasil has moved to another level in Q3. I’m thrilled that we were in the black with our EBIT in September for the very first time and EBITDA is positive on the full year so far.
“Mobile revenue continues to increase and, as of September, it was 37 per cent of our game win. These numbers keep rising as some of our clients haven’t launched our games in mobile yet,” he said.
“The Yggdrasil team is growing quickly. We currently have 38 employees split across our Malta and Krakow offices with very little turnover in staff.
“That is a jump of over 50 per cent since Q2 and I predict the team will continue to grow by the end of 2016, as we become too big for our offices in Malta and Poland.
“We made the decision in Q2 to discontinue our Curaçao licence,” continued Elmqvist. “This fits with our strategy of working only in regulated markets moving forward. This will have no negative impact on the projected revenues.”
