Cherry announces surging growth as Holmgren named CEO

kholm-headquartered Cherry AB has announced an increase in group revenue of 109% in its full-year results for 2016, climbing to 1,102.4 million Swedish Kroner (MSEK).

EBITDA also grew dramatically across the same period, rising by 393% to MSEK 177.7.

Fourth quarter results were equally encouraging for the company, with group revenue climbing 201% year-on-year, to MSEK 519.4, while the revenue of subsidiary Yggdrasil Gaming grew by 207%.

The release of the results coincides with the appointment of Anders Holmgren as CEO on a permanent basis, after Fredrik Burvall stepped down due to family reasons in January.

Rolf Akerlind, Chairman of the Board, greeted the appointment with enthusiasm: “Anders Holmgren has, during his years as a Board member of Cherry AB, been a driving force for the company and possesses an excellent knowledge of the industry in which we operate.

“His experience working within large companies in the finance and gaming industries, as well as an entrepreneur, will give Cherry impetus to continue the company’s expansive development.”

Anders Holmgren said: “I am looking forward to continuing to develop Cherry as a fast-growing company, as well as managing the strong positions Cherry holds across all its business areas.

“As a member of the Board of Directors of Cherry AB, I have had the benefit of observing this exciting company and all the development possibilities it holds.

“Cherry is one of the most complete gaming companies there is, and is well positioned to continue to develop and grow faster than the market.”