The Swedish mobile gaming coalition Stillfront Group posted record quarterly revenues and annual profits.
Fourth quarter 2019 net revenue increased 51% to SEK 551 million ($ 56.2 million), while annual revenue grew similarly by 48% to 1.9 billion SEK ($ 194 million).
Earnings before interest and taxes were also up for the year and the quarter; Fourth quarter pre-tax profit increased 30% to SEK 117 million ($ 11.9 million), while annual figures reached SEK 645 million ($ 65.8 million), representing an increase of 62%.
Last year, Stillfront announced plans to triple its revenue over five years. CEO JÃ¶rgen Larsson has said he is confident in steps taken so far, such as the recent acquisition of mobile developer Storm8 in January for $ 400 million.
âThe combination of the product portfolios and complementary audiences of Stillfront and Storm8 is a great strategic fit and significantly increases Stillfront’s addressable market,â said Larsson.
âWe have also strengthened the balance sheet with a financing package consisting of both equity and debt, which provides opportunities for additional M&A activity in the future. “