Cherry Posts Third Quarter 2017 Financials

This story was published more than 6 years ago.

Internet betting group Cherry AB has posted their third quarter financial results, noting that revenues were up 165% from the same period last year.

Key financial indicators for the third quarter ending September 30th, 2017 were:

  • Revenues of SEK 567 million, up 165% from the SEK 214 million last year
  • EBITDA up 263% to SEK 112 million
  • Profits of SEK 42 million, up from SEK 31 million last year
  • Earnings per share of SEK 0.22
  • Year to date revenues of SEK 1.6 billion, up 182% from last year
  • Year to date EBITA up 304% to SEK 288 million

Speaking about the company's results Cherry AB CEO Anders Holmgren said, "Cherry's operations continue to develop strongly; as the industry's most complete gaming company, our offering has a broad base and we are able to respond quickly when we perceive opportunities.

"In the third quarter, we unfortunately saw our largest business area lose momentum, although the new management, with its extensive experience of the industry, has taken measures to increase both growth and profitability.

"Cherry's largest business area, online gaming, which includes the ComeOn operations, reported revenue growth of 214%, from SEK143m SEK448m and an EBITDA margin of 15%.

"The integration of the online gaming operations within ComeOn continued to affect growth and profitability negatively in the third quarter; we have continuously reviewed the integration process within the business area and can affirm that the lion's share has been completed."

Holmgren also spoke about a number of management changes at the company and how he expects this to help support growth moving forward.

"To intensify efforts to achieve our objectives, several of the people who have been with ComeOn from the outset have been appointed to lead the operations," Holmgren said.

"The company's chairman, Tomas Johansson, will be the acting managing director while we recruit a new managing director.

"Together with the new company management, appointed in late October, he will focus on the market offer, cost reduction and growth."

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Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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bgsharpe
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14 November 2017 - 7:32am
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Yeah obviously they doing more than grate and it's maybe because as they they claimed they are the most complete gaming company out there , I don't know if that is true for sure but they are certainly doing very well.