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Yggdrasil Chief Executive “Proud” of First-Half Growth

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Yggdrasil Gaming achieved significant financial growth in the six months to 30th June 2016 and according to the company’s Chief Executive, Fredrik Elmqvist, his staff should be very proud of their efforts during this period.

With revenue for the first half coming in at SEK34.1 million (€3.6 million / $4 million), the company saw an increase of 661% on the SEK4.5 million posted in the corresponding period in 2015.

There was an improvement in operating profit from a loss of SEK4.7 million to a positive of SEK12.2 million, with Yggdrasil having an operating margin of 36%.

It was also noted that mobile gaming has now increased to 48% of total gross game win, while the total number of player transactions in the first half of the year increased by 1,062% to 753.1 million.

Commenting on the company’s massive growth Elmqvist said that the entire team can be extremely proud with how things have progressed in the first half of 2016. He added that their strategy is firmly on track and they are consistently smashing their target numbers out of the park.

He also said that although the grown they have achieved has been excellent, they are still in a volatile phase of expansion and need to view the current results in a more long-term perspective.

Elmqvist went on to say that their attention will turn to new business as they are ready to take on a lot more after investing significantly in infrastructure and focusing on optimization during H1.