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).
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."