× Gambling News In-Depth iGaming Calendar Connections GI Friday Trafficology GI Magazine
GGA 2019 AffiliateCon
NEWS 18 April 2018

Cherry AB reports 104% revenue growth during FY2017

By Robert Simmons

Nordic-focused online gaming provider, Cherry AB, has revealed year-on-year revenue growth of 104% during 2017.

In its full financial report for the year, the gaming company reported revenues of $267,668 during 2017, more than doubling the $130,981 reported during the full-year 2016.

Company EBITDA also registered triple digit growth, rising by 146% from a 2016 high of $20,681 to a 2017 record of $50,990.

A key contributor to this impressive growth was the amount of active customers and deposits, which rose to over 929,900 active customers who deposited a record $653,956 during 2017.

Cherry reported strong revenue growth in all business areas during 2017, revealing  double digit year-on-year rises in the areas of game development, online marketing and gaming technology but it was online gaming revenues which led the way in 2017.

Online gaming revenues reported a triple digit rise of 118%, rising from $99,008 in 2016 to a 2017 high of $216,678.

It was a busy 2017 for CherryAB, who acquired fellow gaming firm ComeOn Malta Ltd during Q2, then following this up with a 12.5% acquisition of shares in Highlight Games in Q4.

Shares in the business were also made available for trading on the Nasdaq Stockholm Mid Cap stock exchange during Q4.

RELATED TAGS: Online | Industry | Financial | Casino
IN-DEPTH 16 August 2019
Roundtable: David vs Goliath – Can startups really disrupt the industry?