Cherryforetagen Q1 2012 Reports
Thursday, May 10,2012 : CHERRY PRESENTS STRONG ONLINE RESULTS
Online gaming from strength to strength
Public Swedish gaming company Cherryforetagen released its latest fiscal report covering its first Quarter 2012 and showcasing strong progress in the online gaming sector.
Key Performance Highlights for the three month period ending March 31, 2012:
– Group EBIT increased by 143 percent representing a rise in EBIT for all business areas
– Group turnover increased by 22 percent and amounted to SEK 119.1 million (Q1/2011: SEK 97.4 million)
– EBITDA increased 80 percent and amounted to SEK 11.9 million (Q1/2011: SEK 6.6 million)
– Online Gaming increased EBIT by 65 percent and amounted to SEK 8.6 million (Q1/2011: SEK 5.2 million)
– Restaurant Casino increased EBIT by 61 percent and amounted to SEK 2.9 million (Q1/2011: 1.8 million)
– Maritime Gaming increased EBIT and amounted to SEK -0.5 million (Q1/2011: SEK -1.2 million)
– The result after tax amounted to SEK 7.0 million (Q1/2011: 3.8 million)
– Online gaming revenues increased by 38 percent to SEK 67.6 million (Q1/2011: SEK 48.8 million)
– Number of active online gaming customers rose in the first quarter to 34 345 (Q1/2011: 32 960)
– Cherry Malta is preparing to launch EuroSlots.com and has applied for a gaming license in Malta
– Cherry has acquired all shares in Cherry Services Ltd (Cyprus) and Chris Söderman has started as new Managing Director for Cherry Services Ltd
Commenting on the results, Emil Sunvisson chief executive officer said:
"Cherry's focus on online gaming continues to generate growth and profits. The operations are conducted in cooperation with strong and competent partners. The business is mainly concentrated to Scandinavia.
“Preparations are underway to address new European markets with EuroSlots.com, which is a prerequisite for continued profitable growth. Meanwhile EuroLotto has focused on activating the large customer base that was built up over the past year, which has led to reduced marketing expenses for the 1st quarter."