Interactive
Sweden – Cherry’s revenue increases by 165 per cent in Q3
By Phil - 8 November 2017
Swedish online group Cherry saw its revenue increase by 165 per cent in the third quarter of the year hitting MSEK 567 due to recent acquisitions and organic revenue growth of 30 per cent.
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 showed good development in the third quarter, with revenue increasing by 165 per cent to MSEK 567, of which 30 per cent was organic growth. We are continuing to grow with good profitability and, in Online Marketing (previously Performance-based Marketing) in particular, we continue to note strong development due to effective solutions. In Online Gaming, we are now in a new phase and, with the right conditions, we will be able to increase both growth and profitability.”
“It is gratifying that Yggdrasil is continuing its very positive development,” he added. “The third quarter of the year was another with both record revenue and earnings. This strong development builds on a number of important new customer licence agreements with major new operators and the company launching innovative games. In the third quarter, one of Yggdrasil’s largest investments, Jungle books, was launched, receiving a positive market reception from the outset. At Highlight Games, preparations are underway for the launch of the company’s innovative gaming products for the virtual sports gaming market, both online and physically, and with content from, for example, league football. During the third quarter, the company completed tests of different language versions of SOCCERBET, a game with content from league football. The company has also initiated negotiations on establishing operations in Italy, which, in addition to the UK, is one of the larger key markets in Europe. The company finds itself at an exciting phase, with both development and launch preparations in progress.”
