Cherry reports online expansion as revenue rockets in 2015

Cherry has cited ongoing growth within its iGaming business as one of the main drivers behind a year-on-year increase in key finances during the 12 months through to December 31, 2015.

Group turnover amounted to SEK528.7 million (€55.9 million/$62.2 million), which represents an increase of 56% on the SEK340 million achieved in the previous year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) also significantly improved from a loss of SEK17.9 million last year to a positive figure of SEK35.9 million, while earnings before interest and tax also increased from a negative of SEK32.9 million to a positive of SEK13.3 million.

The company said that its online operations now account for 69% of total revenue, up from 55% last year, while the online gaming business recorded growth of 91% year-on-year, with EBITDA for the division increasing from a loss of SEK18.8 million to a positive of SEK21.8 million.

Cherry also noted that its Yggdrasil Gaming division experienced tremendous growth in the past 12 months, with the business expanding by 357% to post EBITDA of SEK5.2 million.

Cherry’s full-year performance was boosted by a positive set of results for the fourth quarter, during which revenue was up 72% year-on-year to SEK172.5 million and EBITDA jumping from a loss of SEK6.5 million to a positive figure of SEK23.4 million.

Fredrik Burvall, chief executive of Cherry, said: “The fourth quarter has provided continued strong growth and a substantial increase in profits, with group revenue up a full 72% for the period.

“Cherry’s online business continues to grow extremely quickly and now accounts for 74% of the group’s sales and is expected to continue grow faster than the market. Online gaming is well positioned today, with a platform that makes it possible to quickly and efficiently add new products and skins. 

“In addition to the licences the group already holds, Cherry will continue to look for local licences in markets where we can expect strong growth, and has therefore initiated an application process to obtain an operator’s licence in the UK.”

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