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Cherry Group Positive numbers in Q1-2016 report

Thursday May 12,2016 :  GROWTH AND PROFITABILITY RISE AT CHERRY GROUP
 
Positive numbers in Q1-2016 report.
 
The Cherry online and land gambling group has posted its Q1-2016 results, highlighting the following achievements:
 
* 86 percent growth in revenue at SEK 177.5 million and a positive EBITDA of SEK 25.6 million;
 
* Online contributes 78 percent (Q1-2015: 63 percent) of group revenue;
 
* Profitability improved with after tax profit at SEK 17.5 million (Q1-2015: -11.8 million);
 
* Online gaming revenues grew by 118 percent with EBITDA at SEK 16.5 million (Q1-2015: -5.7 million);
 
* Yggdrasil Gaming grew by 519 percent with EBITDA at SEK 7.9 million (Q1-2015: -0.4);
 
* Restaurant casino increased turnover by 10 percent and EBITDA to SEK 4.5 million (Q1-2015: SEK 3.9 million).
 
* In January, the acquisition of Moorgate Media Ltd, a Malta-based affiliate company was finalised;
 
* Yggdrasil Gaming awarded the licenses by the UK Gambling Commission in late December 2015 and is now live in the UK with its full product suite. The subsidiary has already signed agreements with six operators in the UK, Management reports;
 
* Group consolidated cash was SEK 61.5 million (Q1-2015: SEK 28.9 million) on 31 March;
 
* Active customers increased by a total of 234 percent compared to the first quarter of 2015.
 
Events occurring after the close of the quarter included:
 
* In April, Cherry signed an agreement to acquire 49 percent of the shares in ComeOn Malta Ltd. with an option to acquire the remaining 51 percent. ComeOn markets games under several well-established brands such as ComeOn.com, Mobilbet.com, CasinoStugan.com, folkeautomaten.com, Suomikasino.com, GetLucky.com and Kasyno.pl.
 
ComeOn’s sales in 2015 were close to Euro 80 million, an increase of about 60 percent compared to the previous year. The operating profit grew to approximately EUR 13 million, an increase close to 70 percent compared with the previous year. ComeOn expects to have sales of Euro 100-120 million, with an operating profit of Euro 19-23 million, in 2016. The acquisition is expected to complete in June this year.
 
Cherry CEO Fredrik Burvall said in a statement that the group continues to deliver according to its strategy, which combines organic growth with strategic acquisitions.
 
"Cherry's online activities continue to grow very strongly," he said, predicting that this side of the business is expected to grow faster than the market.
 
Burvall revealed that a listing on the Stockholm Nasdaq remains an important goal for the company in 2016, and said the firm is also strengthening its customer base in sports betting, with the prospect of enhanced revenues from the ComeOn acquisition.
 
He noted that the group is strongly positioned as the only private gaming company participating in the reference group for a new gaming legislation in Sweden. Together with Visita, Cherry has met with the special investigator, Håkan Hallstedt, during the quarter, where a proposal for a change of the present legislation was presented.

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Gambling News :

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.

NHL Odds: Reeling Flyers Seek Relief in Pittsburgh - #nhl The Philadelphia Flyers have been a bit off since the holidays. They’ve won just eight games since the Christmas break, and now they’ve got a tough one coming up this Saturday night against the Pittsburgh Penguins.

Dollars to Donuts Slot Launch - Firstly, it's a classically styled, easy playing 3-reel with five pay lines featuring a traditional icon set of bars and sevens.

Secret Symbol Slot - RTG will soon release 'Secret Symbol', a 5 Reel Video Slot on 3/15/2017.

Microgaming is set to release three exciting new games in March - Pollen Party will literally have players buzzing with excitement as the ground-breaking, 720 way variable reel online slot is brought to life in a unique honeycomb reel layout.

NBA Odds: Resurgent Clippers Face Warriors in Oakland - After a much-needed lineup shuffle, the Los Angeles Clippers (29-27 SU, 35-21 ATS) carry a four-game SU and ATS winning streak into Thursday’s game against the best team in the NBA, the Golden State Warriors (47-9 SU, 27-27-2 ATS). Tip-off is at 10:30 PM ET on TNT.

NBA Odds: New-Look Pelicans Host Rockets on Thursday - The New Orleans Pelicans just hosted the All-Star Game and saw their very own Anthony Davis win the MVP. But the celebration was brief because the next day, the Pelicans made a huge trade,

PokerStars.CZ has launched in the Czech Republic - PokerStars.CZ has launched in the Czech Republic, becoming the first licensed online casino and poker operator under the Czech Republic’s new gaming regulation. This follows on from the approval by the Czech State Supervision of Gambling and Lotteries Department.

Luckia Games in Partnership with NYX Gaming Group - NYX will provide Luckia with its open gaming system, NYX OGS, and open platform system, NYX OPS, to support the growth of its established Spanish operation.

Sunbets to Sponsor Sutton United - Online betting operator Sun Bets has inked a one-off sponsorship deal with English association football club Sutton United for its upcoming televised clash against Arsenal FC in the FA Cup fifth round tie.

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