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Cherry AB has released its interim report

Tuesday August 25,2015 : STRONG GROWTH AT CHERRY GROUP BUT LOSSES CONTINUE
 
Second quarter improvements include 61 percent growth in online gaming activity, and 119 percent growth at games developer Yggdrasil.
 
Swedish gambling group Cherry AB has released its interim report covering the period January to end June 2015, showcasing the following highlights:
 
* Second quarter growth of 61 percent in online gaming operations;
 
* 119 percent growth for Yggdrasil - but EBITDA lower at SEK -1.2 million (SEK -600,000);
 
* Group revenue increased by 40 percent to SEK 106.7 million (76.4), with Online delivering 63 percent (54) of group revenue;
 
* EBITDA improved to SEK - 400,000 (-4.1m). EBIT at SEK -5.2 million (-7.7);
 
* Profit after tax of SEK -6.8 million (-7.1m);
 
* Online gaming deposits up by 82 percent;
 
* Restaurant Casino increased turnover by 13 percent and EBITDA increased by 32 percent to SEK 5.3 million (4.0);
 
* In April, only two months after Cherry acquired Game Lounge, the joint white label brand SveaCasino.com was launched;
 
* Second quarter launch of a sportsbook on Norgesspill.com
 
For the six months H1-2015, Cherry reported:
 
* Group turnover increased by 35 percent year-on-year to SEK 202 million (149.4), with online operations contributing 63 percent (54) of the group revenue;
 
* EBITDA at SEK -4.9 million (-8.4). EBIT amounted to SEK -14.1 million (-15.3);
 
* Profit after tax amounted to SEK -18.6 million (-15.2);
 
* Online gaming operations grew by 55 percent and deposits increased by 68 percent;
 
* Restaurant Casino increased turnover by 10 percent and EBITDA increased by 29 percent to SEK 9.2 million (7.1);
 
* Yggdrasil Gaming grew by 136 percent and EBITDA amounted to SEK -1.6 million (-1.8);
 
* In January 2015, a controlling interest in the affiliate company Game Lounge Ltd was acquired by Cherry. This is expected to enable Cherry to rapidly increase its volumes at a significantly lower cost per customer than before;
 
Events post the reporting period include:
 
* In July, Cherry acquired 71 percent of the shares in the Malta-based company Almor Holding Limited, an online casino in German speaking markets. The business will be consolidated by Cherry from July 1. Cherry already has the right to the profits from May 1, and the business has developed positively during May and June. This will strengthen the cash position of Cherry with about Euro 700,000, Management estimates;
 
* Also in July, Game Lounge acquired a prominent Finnish affiliate’s domains and affiliate agreements, a move expected to increase EBITDA figures by more than Euro 600,000 annually, bring in more than 10,000 new depositing customers to Cherry and other operators over three years and quickly increase volumes on current Cherry brands.
 
* Current trading is going well, especially in the online vertical, and the group anticipates a positive EBITDA for the third quarter.
 
Chief executive officer Fredrik Burvall reported that in the half-year growth had been a feature of operations, with group turnover up by 40 percent and improvements in earnings...primarily achieved through strong growth in online gaming activities.
 
"A new order is required on the Swedish gaming market," Burvall says. "Sweden has quite rightly been taken to the European Court, after having too long delayed a re-regulation. The latest development is a new Swedish gaming legislation that will be in place by July 1, 2018.
 
"Cherry welcomes a gaming market that is open for everyone with transparent and responsible stakeholders. We want to eliminate the anachronistic and failed gaming monopoly. We want to create more jobs and compete on fair conditions.
 
"Cherry’s goal is to grow faster than the market both through acquisitions and organically, focusing on rapidly increasing profitability."



Gambling News :

NHL Odds: Lightning go for Season Sweep Over Red Wings - The Tampa Bay Lightning (37-29-9) have been doing everything possible to make a fourth straight appearance in the Stanley Cup Playoffs. Without star centre Steven Stamkos, Nikita Kucherov (38 goals, 40 assists) and Victor Hedman (15 goals, 47 assists) have stepped up and will look to continue their strong play against the Wings. Game time is 7:30 PM ET on FS-D.

MPN Charity Poker Tournament at ICE 2017 - During what was a busy three-days for Microgaming at ICE Totally Gaming 2017, the MPN team enjoyed a charity poker tournament with Microgaming operators on Tuesday 7 February.

US$30M DUBAI WORLD CUP - Racecourse Media Group and Meydan to showcase world’s richest raceday to more than 150 territories The Dubai World Cup is the first horse race to be broadcast live on airlines and cruise lines

NHL Odds: Forsberg Faces Elliott in Nashville - The last time the Nashville Predators played against the Calgary Flames, Calgary had a 4-1 lead five minutes into the second period. Nashville responded with four back-to-back goals, including a hat trick from centreman Filip Forsberg. Both teams went into overtime with five goals, and Calgary defenseman Mark Giordano (12 goals, 22 assists) scored the winning goal.

Sit & Go 2.0 launched online exclusively at Americas Cardroom - Get ready to cheer like a champion before the first flop is even dealt. The much-anticipated Sit & Go 2.0 is now launched online exclusively at Americas Cardroom and Sit & Go players are reaping the benefits of the next evolution of poker.

NBA Odds: Hawks, Wiz in Southeast Showdown - The Washington Wizards (42-27 SU, 36-32-1 ATS) can pretty much secure the Southeast Division title with a win Wednesday night over the Atlanta Hawks (37-32 SU, 31-38 ATS). Tip-off is at 8 PM ET on ESPN; the Wizards lead Atlanta by five games with less than a month remaining before the playoffs.

Mega Moolah progressive jackpot Hit Again - Microgaming’s Mega Moolah progressive jackpot slot has been hit yet again at just over €6.6 million!

NBA Odds: Clippers Try to Slow Down Bucks in LA - Milwaukee Bucks small forward Giannis Antetokounmpo and Los Angeles Clippers power forward Blake Griffin are two of the most talented and versatile forwards in the NBA. The two lead their teams into battle on Wednesday in Los Angeles.

NCAAB Odds: SMU Hosts Tulsa With AAC Title on the Line - There aren’t too many college basketball teams more profitable than the SMU Mustangs (25-4 SU, 18-5-1 ATS). They host the Tulsa Golden Hurricane (14-14 SU, 15-12 ATS) this Thursday night, tipping off at 8 PM ET on CBSSN.

NHL Odds: Canadiens Welcome Islanders Tonight - The Montreal Canadiens (32-20-8) welcome the New York Islanders (28-21-10) on Thursday (7:30 PM ET on SNE). After getting their first victory under new head coach Claude Julien, the Canadiens will look to build on that momentum against a red-hot Islanders team.

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