Cherry cites online growth as revenue rockets in H1

Fredrik Burvall, chief executive of Cherry, has highlighted the rate of the firm’s online growth as a key factor behind its success in the six months to June 30.

Revenue in the first half totalled SEK369 million (€38.9 million/$44 million), up by 83% on the corresponding period last year, with online responsible for 80% of this amount.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased from a deficit of SEK4.9 million to a positive of SEK40.5 million, while earnings before interest and tax also jumped from negative SEK14.1 million to a plus of SEK23.5 million.

In addition, cash and liquid assets more than doubled from SEK24.7 million to SEK67.8 million.

“Cherry continued to deliver according to its strategy, which combines strong organic growth with strategic acquisitions,” Burvall said.

“The second quarter shows continued strong growth and a significant increase in profits.

“Cherry’s online activities continue to grow considerably faster than the market, now representing 81% of Group sales, and we henceforth expect to grow faster than the market.

“Our ambition is to continue to grow faster than the market and we are well equipped to do this both through organic growth and acquisitions.

“Our strategy, in combination with differentiated business areas, will create excellent opportunities for continued high growth, high profitability and strong value growth.”

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