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Record increases in revenues for Cherryforetagen
Posted 2/24/11 : Record increases in revenues, customers and profit after tax at Swedish operator
Sweden's Cherryforetagen land and online gambling group posted an impressive year end set of results this week, showcasing a profitable 2010.
Highlights for the full year included:
* EBIT increased to SEK23.3 million (2009 SEK3.2 million), an increase of 628.1 percent.
* Consolidated sales increased by 39.4 percent and amounted to SEK374.9 million (2009: SEK269 million).
* EBITDA increased by 131.1 percent to Euro 34.2 million (2009: Euro14.8).
* Profit after tax increased to SEK 20 million (SEK1.7 million).
* Cherry completed the acquisition of the Automatic (Machine) Scandinavian group on 31 March 2010. It enjoyed turnover in Q2-4 of SEK133.8 million with profit of SEK25.3 million.
* Cherry increased its market share in the restaurant casino sector to 53 percent (2009: 46.5 percent) of the active tables.
* Gambling agreements with Minoan Lines and Polferries in 2010.
* Cherry extended central contract with Harry's Pubs AB were extended for a further three years.
The company reports a good start to 2011, launching EuroLotto.com as Europe's biggest lottery daily drawing in 23 languages and offering a guaranteed jackpot of at least Euro 25 million, as well as scratch cards with a maximum win of Euro 5 million.
CEO Gunnar Lind commented: "The fourth quarter is the strongest ever for Cherry. It is one of the few gaming companies that offer online gambling, on the ocean and in restaurants. We are proud that during 2010 we have increased turnover by 39.4 percent and EBIT by 628.1 percent. The fourth quarter was Cherry's best since listing in 2006 and EBIT rose by 430 percent compared to fourth quarter 2009."
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