Modern Times Group (MTG) has reported its Q3 2021 earnings, showing significant year-on-year growth.

From July to September 2021, MTG reported sales of approximately $170 million (SEK 1.4 billion), up 61 per cent year-on-year.

Gaming revenues from MTG companies such as Innogames, Kongregate and Hutch comprised 75 per cent of revenues, with esports accounting for the remainder. 

MTG's EBITDA was $36 million (SEK 306 million) up 55 per cent year-on-year. 

MTG ascribes the growth to its acquisitions of mobile game studios, including last year’s acquisition of Hutch, and the acquisitions of Bloons developer Ninja Kiwi in March and Indian word game developer PlaySimple this quarter in July.

MTG ended the quarter with around $120 million in cash and equivalents. 

Transformation

"In under a year, we’ve transformed MTG and executed on our strategy of becoming a more diversified gaming and esports company," said MTG group president and CEO Maria Redin.

"Through the successful expansion of our gaming vertical, we have grown our span of genres and games. Our dependency on a single game is behind us and we have significantly broadened our revenue mix.

"Most importantly, we now have stronger group capabilities and skills which we will leverage across the gaming vertical going forward."

MTG recently appointed Daniel Frechen as its head of M&A strategy, marking another big step in the company’s build and growth strategy.