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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 :

Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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