Stillfront Group doubled profits in 2018
Swedish company eyes Nasdaq listing after Goodgame acquisition boosted revenue and profits
Stillfront Group more than doubled its profits in 2018, following a busy year for acquisitions.
In the year ended December 31, 2018, the Swedish company earned MSEK 1.33 billion in revenue (€127 million), up 45% over the previous calendar year.
The increase in Stillfront Group's net profit was even more pronounced, rising 109% year-on-year to MSEK 157 million (€15 million).
This improvement in performance was driven by the acquisition of Goodgame Studios, a €270 million deal announced at the end of 2017. And Stillfront made two smaller acquisitions in 2018: the Bulgarian studio Imperia Online for €10 million in September, and the German developer Playa Games in a €20 million deal in December.
Stillfront now has a portfolio of 30 live games, which have a combined audience of 4.8 million monthly active users, and 1 million daily active users. The biggest markets by revenue are the US, Germany, MENA (Middle East and North Africa), France, and the UK.
In its annual report, Stillfront stated that it is "staffing up for more" acquisitions in the future, listing more deals as a key aspect of its growth strategy.
It also intends to be listed on the Nasdaq Stockholm stock exchange by the end of 2019.