Swedish gaming group Cherry AB has posted their 2018 first half financial results, revealing that the period was among the most profitable in the company's history.
Key financial indicators for the first half ending June 30th, 2018 were:
- Profit up to SEK 180 million from SEK 51 million during the same period last year
- Group revenue up 33.1% to SEK 1.43 billion
- EBITDA up 103% to SEK 357 million
- EBITDA margin up 25%
- Subsidiary Yggdrasil Gaming had operating revenues up 67% to SEK 124.3 million
Second quarter revenues were:
- Revenues up 41% to SEK 753 million
- EBITDA up 78% to SEK 165 million
- Operating revenues up 65% to SEK 66.7 million
- EBITDA up 8% to SEK 16.6 million
- EBITDA margin of 24.9%
- 13 new licensing agreements, with player volume reaching 1.33 billion
Cherry attributed the success to a large marketing campaign, in which the company pumped up their long-standing brands as well as new acquisitions.