Written On  5/12/11 By Recentpoker.com staff writer Lenny Wasman :

And an increase in group turnover of 79.7 percent
 
Swedish land, maritime and online gaming group Cherryföretagen AB released its first quarter interim results reporting a turnover increase of 79 percent and an increase in active online customers of 365 percent.
 
Key Performance Indicators include:
 
Group:
–  Group turnover increased by 79.7 percent amounting to 97.4 Million Swedish Kroner
–  EBITDA increased – 6.6 Million Swedish Kroner
–  Number of active clients rose 88 percent compared to Q4/2010
–  New online players rose 365 percent compared to Q4/2010
 
Online Gaming – Q1/2011 – Cherry operate online gaming from Malta through the sites SverigeAutomaten.com, NorgesAutomaten.com, DanmarksAutomaten.com, PlayCherry.com and EuroLotto.com.
 
–           Revenues amounted to 48.8 Million Swedish Kroner
–           EBIT amounted to 5.2 Million Swedish Kroner
–           Deposits increased and amounted to 152.0 Million Swedish Kroner (Q4/2010: 146.4)
 
The company commented that Cherry Malta had made extensive investments in the launch of EuroLotto.com which had a negative short-term effect on the profit.
 
Gunnar Lind, CEO, Cherryföretagen commented: "Q1 has been an exciting and challenging quarter, where we set the foundation for further expansion and increased product offerings, but was also a quarter with many challenges. The latter are to be conquered.  Cherry will also continue to invest in new products and new markets, enabling growth and increased profitability".