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Cherry Posts Financials, Notes Large Growth In Online Betting

Swedish betting giant Cherry AB has posted its third quarter 2013 financial results, noting a large growth in online gaming.

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

  • Group turnover of SEK 69.9 million (Q3/2012: SEK 61 million), an increase of 15%.

  • Online Gaming contributed SEK 54,052 (Q3/2012: SEK 19,984), up 32%.

  • Online Gaming registrations grew 170%, active player increased by 35% and deposits grew by 47%.

  • EBITDA amounted to SEK -4.4 million (Q3/2012: SEK 4.2 million).

  • EBIT amounted to SEK -9.8 million (Q3/2012: SEK 2.9 million) - affected by a non-recurring impairment of capitalized development costs of SEK -3.1 million.

  • The result after tax amounted to SEK -11.8 million (Q3/2012: SEK 1.2 million) equivalent to SEK -0.90 (Q3/2012: 0.09) per share after dilution.

  • Group cash amounted to SEK 95.4 million (Q3/2012: SEK 39.5 million) as at September 30, 2013

  • Restaurant Casino increased turnover by 1%.

Key financial indicators for the first nine months of the year were:

  • Group turnover increased by 15% and amounted to SEK 191.3 million (9M/2012: SEK 166.7 million).

  • Online Gaming grew by 32%.

  • EBITDA amounted to SEK -13.3 million (9M/2012: SEK 9.9 million). EBIT amounted to SEK -22.0 million (9M/2012: SEK 5.9 million).

  • The result after tax amounted to SEK -23.1 million (9M/2012: SEK 1.8 million) equivalent to SEK -1.76 (9M/2012: 0.13) per share after dilution.

  • Result after tax (including divested operations) amounted to SEK 3.3 million (9M/2012: SEK 22.1 million) equivalent to SEK 0.23 (9M/2012: SEK 1.68) per share after dilution.

Commenting on his company's performance, Cherry CEO Emil Sunvisson said, "A solid customer intake within Online Gaming and increased deposits characterized also the third quarter. The growth rate remained stable at just over 30%. Online Gaming is again Cherry’s largest business area measured by turnover. High marketing costs have negatively impacted profit, but have also resulted in increased growth. Growth is a prerequisite for future profitability, as economies of scale with our current structure are significant."

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