Internet gaming company Cherry has released its third quarter 2012 financial results, noting all time financial highs for the first nine months of the year.
Key financial indicators for the third quarter ending September 30th were:
Group turnover increased by 9% to SEK 128.6 Million (Q3/2011: SEK 118.3 Million)
EBITDA increased by 10% and amounted to SEK 12.4 Million (Q3/2011: SEK 11.3 Million).
EBIT increased by 23% to SEK 10.8 Million (Q3/2011: SEK 8.8 Million).
Online Gaming turnover increased by 24% and EBIT increased by 46% to SEK 9.8 Million (Q3/2011: SEK 6.7 Million).
Restaurant Casino turnover increased by 4% and EBIT increased by 7% to SEK 3.3 Million (Q3/2011: SEK 3.1 Million).
Restaurant Casino market share increased to 58% (Q3/2011: 54%) of the active gaming tables.
The result after tax amounted to SEK 7.5 million (Q3/2011: SEK 6.7 Million)
Financial results for the first nine months of the year were:
Group turnover increased by 12% amounting to SEK 363.2 Million (9M/2011: SEK 325.4 Million).
EBITDA increased by 82% amounting to SEK 36.5 Million (9M/2011: SEK 20.1 Million).
EBIT increased by 145% to SEK 28.9 Million (SEK 11.8 Million).
The result after tax amounted to SEK 22.1 Million (Q3/2011: SEK 12.3 Million)
Commenting on the results, Cherry CEO Emil Sunvisson said: "Cherry's business areas; Online Gaming and Restaurant Casino continue to develop positively, while the situation within Maritime Gaming remained challenging during the quarter."
“The sale of the business area Maritime Gaming, which took place after the third quarter, will result in better margins on Group level and enable greater focus on the growth area; Online Gaming. The sale will also help to improve the Group's liquidity."