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Strong Online Player Growth For Cherryforetagen AB
Tuesday August 30, 2011 : Company ceo calls for modern legislation on gambling
Swedish gaming company Cherryföretagen AB announced its six month interim report ending 30 June 2011 along with its second quarter results, this week.
The Group's first half 2011 turnover increased by 31.2 percent driven primarily by an increase in online gaming.
Key Performance Indicators for the six months ending June 30, 2011 include:
- Group turnover increased by 31.2 percent and amounted to SEK 207.1 million (H1/2010: SEK 157.8 million).
- EBITDA amounted to SEK 8.8 million (H1/2010: SEK 9.3 million).
- EBIT amounted to SEK 3.0 million (H1/2010: SEK 3.6 million). EBIT was affected by non-recurring expenses of -3.7 million, in
connection with the replacement of the CEO.
- Six month results rose to SEK 5.6 million (H1/2010: SEK 5.3 million)
- The number of new online players rose by 96.1 percent, to 146 863 customers (H1/2010: 74 884).
- Cherry signed a beneficial agreement with Special Olympics regarding EuroLotto.
Key Performance Indicators for the second quarter ending June 30, 2011 include:
- Group turnover increased with 5.9 percent and amounted to SEK 109.7 million (Q2/2010: SEK 103.6 million).
- EBITDA amounted to SEK 2.2 million (Q2/2010: SEK 9.4 million).
- EBIT amounted to SEK -700 000 (6.5). EBIT was affected by non-recurring expenses of -3.7 million, in connection with the replacement of the CEO.
- Second quarter results amounted to SEK 1.8 million (Q2/2010: SEK 7.2 million)
- The number of active clients rose during Q2 by 173.9 percent, to 37 181 customers (Q2/2010: 13 574).
- The number of new online players rose during Q2 by 214 percent, to 21 806 customers (Q2/2010: 6 944).
Cherry's online gaming division which includes SverigeAutomaten.com, NorgesAutomaten.com, DanmarksAutomaten.com, PlayCherry.com and EuroLotto.com delivered the following results:
- Q2/2011 revenues rose by 32.2 percent and amounted to SEK 55.0 million (Q2/2010: SEK 41.6 million)
- EBIT amounted to SEK 3.4 million (Q2/2010: SEK 7.1 million).
- Number of new customers increased during Q2/2011 by 214 percent, amounting to 21 806 (Q2/2010: 6 944)
- Registered customers at the end of the review period amount to 146 863 (H1/2010: 74 884) with Q2 deposits increasing by 18.1 percent.
Emil Sunvisson, newly appointed ceo of Cherry remarked on the legislative situation saying: "Cherry calls for a modern legislation where we are allowed to operate gaming with responsibility and are able to compete on equal terms".
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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