Swedish online gambling group Cherry has posted strong financial figures for the fourth quarter of 2015.
Group revenue increased by 72 per cent, with online gaming accounting for 74 per cent.
The company also made progress in Malta, increasing its ownership of online casino Almor to 75 per cent and acquiring 100 per cent of the shares in Moorgate Media.
Cherry’s game development business, Yggdrasil, grew by 696 per cent, helped by the UK gaming licence it received in the first quarter.
The strong Q4 performance is indicative of a successful year; for 2015, turnover increased by 56 percent compared to the previous year, online gaming grew by 91 per cent and Yggdrasil grew by 357 per cent.
CEO Fredrik Burvall said: “Cherry's online business continues to grow extremely quickly and now accounts for 74 per cent of sales.
“In February 2016, Cherry received three awards at the industry's largest online exhibition, the International Gaming Awards, serving as a seal of quality on our business and strong recognition for the hard work all our teams have put in this past year.
Burvall continued: “In the fourth quarter, Yggdrasil achieved continued strong growth, as revenues increased by 696 per cent and the EBITDA margin reached 47 per cent. Yggdrasil obtained an operator's licence in the UK during the period and the rollout of existing contracts is expected at the end of the first quarter in 2016. In addition, Yggdrasil has been invited to apply for a Gibraltar licence.”
“All in all, Cherry is very well positioned to continue to grow faster than the market, both organically and through acquisitions, focusing on rapidly increasing profitability.”
