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NEWS 16 February 2018

Cherry AB reports 17% rise in revenues during Q4 2017

By Robert Simmons
Scandinavian gaming firm, Cherry AB has announced a 17% year-on-year rise in its group revenues for the fourth quarter of 2017.

In its final financial report for the year the company reported group revenue of SEK 607m, beating the previous Q4 2016 group revenue total of SEK519m.

Company EBITDA increased year-on-year by 37% from a Q4 2016 high of SEK103m to SEK141m during the same period of 2017. The number of registered customers on its online gaming platform also grew year-on-year by 37% rising to a figure of 4,347,759 in Q4 2017 from the 3,181,799 during the fourth quarter of 2016.

During the fourth quarter of 2017, the company successfully switched from the Aktie Torget financial trading platform to the Nasdaq Stockholm main list of companies in October.

Cherry also completed deals to acquire an additional 12.5% stake in Highlight Games and a majority 95% stake in Game Lounge, making it the majority shareholder in the business.

With the final financial report for 2017 returned, the company has confirmed its full-year 2017 financial figures, which make for impressive reading.

Full-year 2017 group revenues jumped by 104% year-on-year from a 2016 high of SEK1,102m to a 2017 figure of SEK2,252m, while company EBITDA increased by 146% year-on-year to SEK429m from the SEK174m reported during full-year 2016.

In a statement accompanying the results, Cherry AB CEO Anders Holmgren reflected on the progress made in 2017, saying: “A year ago, I wrote that there remained an incredible amount to be done in the gaming industry and that what is great about Cherry is that its five diversified business areas span the entire gaming industry and that Cherry AB owns and manages highly interesting companies. We have already benefited from this strength and progressed some distance in our plans.

“A year later, I have the same feeling; we have much ahead of us and Cherry is the player that can most naturally benefit from all of the opportunities available. We will continue to focus on companies run by extremely strong and ambitious individuals with a mix of entrepreneurs and specialists with a strong spirit of innovation. Creativity and hard work drive the products forward, also allowing Cherry’s business areas to grow faster than their respective markets.”
RELATED TAGS: Online | Financial | Industry
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