In the three months to March 31, Scandinavian operator Cherry has posted 49 per cent year-on-year growth for its i-gaming operations and 156 per cent growth for its games development business, Yggdrasil Gaming.
Group revenue increased by 31 per cent to SEK 95.3m (SEK 73.0m) with online gaming accounting for 63 per cent of group revenue, up from 55 per cent.
Profit (EBITDA), however, remained negative with a loss of SEK 4.5m, compared with a loss of SEK 4.3m in the same period in 2014. Online gaming deposits increased by 54 per cent.
CEO Fred Burvall said: “Cherry's online business continues to grow and now accounts for 63 per cent of total turnover. We also saw steps Cherry has taken, such as focusing on core business and supporting strategic acquisitions, begin to show results.
“Within the online gaming industry, there is a certain degree of consolidation. Cherry is well positioned with a properly functioning platform, where new products can easily be integrated and new skins added.
Burvall continued: “We’ve seen a strong growth in mobile gaming and will continue to improve our mobile offerings.
“During the quarter, we launched a new design on SpilleAutomater.com and, in early April, launched our first white-label brand, SveaCasino.com. After a month, our expectations for SveaCasino were exceeded and it will be interesting to follow its progress.”
