International edition
June 17, 2021

Firm attributed its performance to Yggdrasil’s 119% growth

Cherry AB H1 revenue up 35%

Cherry AB H1 revenue up 35%
Swedish gambling company Cherry AB (plc) announced its financial results for the second quarter and the first half of the year. Group revenue increased 40% during the three months ended June 30 to SEK106.7 million. Revenue from online operations accounte
Sweden | 08/26/2015

Swedish gambling company Cherry AB (plc) announced its financial results for the second quarter and the first half of the year. Group revenue increased 40% during the three months ended June 30 to SEK106.7 million. Revenue from online operations accounted for 63% of the overall proceeds.

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BITDA amounted to SEK -0.4 million compared to SEK -4.1 million posted for the second quarter of 2014. EBIT totaled SEK -5.2 million. In comparison, the amount of SEK -7.7 million was posted for the same period a year ago.

The company attributed its financial performance to strong growth in the online segment as well as to Yggdrasil’s 119% growth during the period in review. Online operations grew 61% and deposits from gambling customers rose 82%. In addition, the operator’s Restaurant Casino division posted a 13% increase in revenue and a 32% one in EBITDA to SEK5.3 million.

Cherry launched its sportsbook offering on Norgesspill.com during the three-month period in review. In April, the gambling operator also introduced SveaCasino.com, a joint label with Game Lounge, which Cherry purchased earlier this year.

The Group’s revenue amounted to SEK202 million during the first half of the year, up 35% year-on-year. Proceeds from online operations accounted for 63% of the overall revenue. In comparison, those accounted for 54% of the company’s revenue for the same period a year ago. EBITDA totaled SEK -4.9 million. EBIT totaled SEK –14.1 million.

The company’s online division grew 55% and deposits from gambling customers increased 68% during the six months ended June 30. Yggdrasil Gaming grew 136% and EBITDA from its operations totaled SEK –1.6 million. Revenue from Restaurant Casino operations increased 10% and EBITDA rose 29% to reach SEK9.2 million.

Fredrik Burvall, Chief Executive Officer of Cherry, attributed the strong growth his company had during the second quarter of the year to the growth in its online business as well as to theimprovements implemented in its Restaurant Casino division.

Mr. Burvall noted that the growth in online gaming was mainly due to its “well-functioning and flexible platform” which allows the quick and smooth integration of new products. Cherry also added certain key acquisitions in order to strengthen its presence in different European markets, with Germany and Finland being among those. According to the executive, those acquisitions have already started to show positive results.

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