iGaming Business magazine iGB 111 July/Aug | Page 12

iGaming Business 111
At a
GLANCE
Yggdrasil eyes separate listing
Swedish slots company Yggdrasil seems poised to break from
parent company Cherry and post a separate stock exchange listing
after a set of strong results in May.
The business posted revenue of SEK57.6m (€5.5m) in the first
quarter of 2018, up 73% from SEK33.3m during the same period
in 2017.
Profits also grew with the company’s EBITDA climbing from
SEK13.3m to SEK18.1m, with a margin of 31%, while earnings before
interest and tax increased from SEK10.7m to SEK13.8m.
Founder and CEO Fredrik Elmqvist forecast continuing growth
for the business and, speaking to iGaming Business, hinted that the
time might be approaching for Yggdrasil to separate from NASDAQ-
listed parent company, Cherry.
Elmqvist was careful not to confirm any decisive action towards
a separate listing but hinted at the potential saying: “Do I think
there is some underlying value, purely financially, to be separate?
Yes of course. You don’t have to be a corporate finance guy to
realise that”.
He was careful to emphasise that any announcement of a separate
listing would come from Cherry and declined to confirm that the
wheels were in motion at this stage.
However, he s