Cherry growth ‘faster than the market’ in third quarter

Cherry has said it grew “substantially faster than the market” during the three months to September 30, after recording widespread financial growth.

Revenue in the third quarter amounted to SEK214 million (€21.4 million/$23.8 million), up 39% on the SEK154.1 million posted in the same period last year.

Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 78% year-on-year to SEK30.9 million, while earnings before interest and tax (EBIT) increased to SEK21.5 million, despite the impact of acquisition costs for ComeOn and Nasdaq listing costs.

Cherry noted that online gaming revenue hiked 39%, with EBITDA up to SEK18.1 million, not including ComeOn and Game Lounge.

Revenue from the firm’s Yggdrasil Gaming arm rocketed 385% to SEK9.2 million, while revenue at Game Lounge increased 104% year-on-year to SEK6 million.

Group revenue for the nine months through to September 30 stood at SEK583 million, 64% than the SEK356 million posted at the same point last year.

EBITDA rocketed 472% year-on-year to SEK714 million, EBIT improved from a loss of SEK3.1 million to a positive of SEK45 million, with online gaming revenue also up 78%.

Fredrik Burvall, chief executive of Cherry, said: “Cherry continues to grow substantially faster than the market.

“For the third quarter, organic growth amounted to 38% and total growth to 39%. The formula for success is based on the strategy Cherry implemented two years ago, in which we have developed our business areas and added strategic acquisitions of fast-growing companies where the founders and entrepreneurs continue to stay active in the business.

“Today, Cherry is an innovative and fast-growing gaming company, operating across a broad part of the gaming value chain.

“Our business areas provide Cherry with diversified and profitable revenues from four separate and strong business areas, with the potential for strong onwards development.

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

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