Cherry cites online gaming, Yggdrasil as revenue jumps in Q3

Cherry has cited the ongoing performance of its online gaming division as well as its Yggdrasil Gaming operation as two of the main reasons behind a year-on-year hike in revenue during the three months through to September 30.

Group revenue in the third quarter amounted to SEK154.1 million (€16.2 million/$17.4 million), up 71% on the SEK90.4 million posted in the same period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased from a loss of SEK3 million last year to a plus of SEK17.4 million, while earnings before interest and tax (EBIT) improved from a negative of SEK7 million to a positive figure of SEK11 million.

Cherry highlighted growth within online gaming and Yggdrasil, which recorded growth of 131% and 339%, respectively.

Online gaming, which is now responsible for 72% of total revenue at Cherry, saw EBITDA increase from a loss of SEK4.7 million to a plus of SEK14.5 million, while Yggdrasil reported that EBITDA jumped from negative SEK1.4 million to a plus of SEK1.9 million.

The results place Cherry’s group turnover for the nine months through to the end of September at SEK356.2 million, up 49% from the SEK239.8 million posted at the same point last year.

EBITDA is up from a loss of SEK11.4 million to a plus of SEK12.5 million, while online gaming and Yggdrasil have experienced significant growth in terms of both turnover and EBITDA.

Fredrik Burvall, chief executive of Cherry, said: “We are pleased to be able to show a strong growth and profit for the third quarter.

“Our strategic acquisitions have been successfully integrated within Cherry and all business areas are now showing a profit.

“Cherry’s business area Online Gaming has achieved a strong growth of 131% during the third quarter, and again is showing a profit.

“Our efforts to improve gaming experience, delivering joy of gaming, and to increase our customer loyalty is beginning to create results.

“During the quarter, Yggdrasil has developed strongly and September was the first month with a positive EBIT.

“Cherry’s goal is to continue to grow faster than the market through acquisitions as well as organically and focusing on rapidly increasing the profitability.

“We now look forward to continue to spread the joy of playing, both online and at the pub.”

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