Cherry Profits Up During Third Quarter of 2018

This story was published more than 5 years ago.

Internet betting group Cherry AB has announced their third quarter financial results, revealing that revenues were up substantially during the period.

Key financial indicators for the third quarter ending September 30th, 2018 were:

  • Profits of SEK 188 million, up from SEK 42 million last year
  • Revenues of SEK 899 million, up 58% from last year
  • EBITDA up 130% to SEK 258 million
  • EBIT of SEK 57 million

For the first nine months profits were SEK 367 million, with revenues up 42% to SEK 2.33 billion.

Corporate highlights for the period were:

  • Being granted a Polish gaming license
  • Subsidiary Yggdrasil added games to Paf and Veikkaus as well as Svenska Spel
  • Subsidiary ComeOn applying for Swedish gaming licenses

Commenting on the results Cherry Acting CEO Gunnar Lind said, "The positive trend in sales and gaming volumes continued throughout the third quarter… Cherry's strategy of maintaining proximity to all parts of the gaming market and end customers is crucial to our continued growth."

About the author

Kingston Li // Asia Correspondent
Kingston Li
Kingston is a big fan of Baccarat and Texas Hold'em Poker and has tested his skills in tournaments around Asia and the world. He covers the latest gambling news from Asia for Casino Listings. In his spare time, Kingston enjoys hiking, video gaming, and playing disc golf.
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5 November 2018 - 3:58pm

Wow, this casino group is growing very fast.
The profit has quadrupled over 1 year ? Wow.
EBITDA is also fantastic.

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7 November 2018 - 1:19pm

Yeah ,the numbers are just staggering and I guess the success of their well know subsidiaries brands like Yggdrasil and ComeOn is big part of the reason for that.