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Cherry Releases First Half Financials

Swedish gaming firm Cherry AB has released its latest financial trading update, noting that deposits are up a whopping 64% for the first half of the year.

Key financial indicators for the period ending June 30th, 2013 were:

  • Second quarter cash at SEK 106.7 million, with online gambling deposits up 64%.

  • Group turnover increased 15% to SEK 61.6 million (53.4).

  • EBIT down at SEK -10.9 million (1.6).

  • The after tax profit down at SEK -9.3 million (0.5).

  • Group cash at SEK 106.7 million (26.2) at the end of the period.

  • During the quarter SEK 143.4 million was transferred to the shareholders – the equivalent to SEK 11.20 (0.75) per share.

  • Online gambling grew 29% during the second quarter and deposits rose 64%.

  • Customer acquisition increased 65% to 37,727 (22,832).

  • Restaurant Casino increased turnover by 5% and market share increased to 61% (55).

  • Online games developer Yggdrasil Gaming obtained a class 4 license on Malta.

  • Cherry launched a new online casino in June, SpilleAutomater.com.

  • The Automaten sites were sold for SEK 286 million, and online gambling revenues soared 32%. SEK 60 million of the Automaten sales price will be paid to Cherry in February 2014 following a deferred payment agreement.

  • Group turnover increased 15% to SEK 121.4 million (105.7).

  • EBIT declined to SEK -12.2 million (3.0).

  • After tax profit dipped steeply SEK -11.3 million.

Commenting on his company's performance Cherry Group CEO Emil Sunvisson said, "With the launch of SpilleAutomater.com we aim to re-establish ourselves as a major player in the Scandinavian market. We have used all of our previous experience in order to create an optimal online gaming experience. With the help of a strong brand, working with local sports clubs and offering a unique customer satisfaction guarantee, the product has been very well received. With the re-launch of CherryCasino.com we can exploit Cherry's strong brand in the Swedish market."