Cherry reports surging Q1 growth

kholm-headquartered Cherry AB has reported an increase in group revenue of 205% for the opening three months of 2017, rising to SEK 541m compared to SEK 177m last year.

Much of this year-on-year climb was driven by Cherry’s ongoing M&A strategy, with organic revenue growth amounting to 44%.

The company also posted a rise in profit for the period, growing by 107% to SEK 36m, while EBITDA increased by 224% to a total of SEK 83m.

Cherry’s online gaming arm, ComeOn!, posted dramatic revenue growth of 282% to SEK 453m, while Yggdrasil, the company’s development studio, grew 134% to SEK 33m.

Anders Holmgren, CEO of Cherry, commented: “With a strong acquisition year behind us, the first quarter was mainly characterised by consolidation.

“At the same time, we grew as planned and with good profitability. Partnerships and synergies have enabled an even stronger focus on innovation, improved customer experience and continued growth.

“Cherry has broadened the group's business to cover the entire value chain within gaming. A strong organic growth and further acquisitions of entrepreneurial companies give us a unique platform to continue to create value.

“Overall, within Cherry we have the strengths and advantages that give us the opportunity to continue to grow faster than the market.”