Cherry Group lowers revenue expectations for 2017

The move follows Cherry exercising an option to purchase a 51% stake in ComeOn! in December 2016 after initially acquiring 49% of shares in the company in July 2016.

Cherry Group reduced its full-year revenue forecast from a previous estimate of SEK2.7bn to SEK2.5bn (€262.2m), while it also confirmed a reduction in forecasted expected earnings before interest, taxation, depreciation and amortisation from a previously reported estimate of between SEK550m and SEK600m to SEK480m.

In a statement on the companies website, Cherry confirmed: “The rapid merging of the online gaming operations to ComeOn! has resulted in intensive integration work and thus affected growth. Given that the merger has not yet reached a full positive effect on the Group’s revenue and earnings, Cherry adjusts its forecast for the full year 2017.”

The company is due to publish its interim report for the second quarter of 2017 later this week.

Stay updated with GI

Follow Gambling Insider for independent news, analysis and industry expertise.

Add as a preferred source on Google

Robert Simmons

Gambling Writer

Robert Simmons served as a writer for Gambling Insider, where he was an active contributor from 2017 until 2018. Throughout his tenure, Robert executed in-depth market research and wrote over 500 news and press-release articles covering the global gambling industry under strict editorial standards and tight deadlines. He contributed editorial support to the production of five 100+ page Gambling Insider magazines, eight 25+ page Trafficology magazines, and five 25+ page special print focus editions. In addition, he produced 30 in-depth feature articles for print, secured over 30 contributions from external writers, and built long-standing professional relationships with industry stakeholders across all levels of the gambling sector.

Visit Profile