Cherry AB more than doubled its revenue in 2017, with the igaming group able to report a strong year “from both a financial and operational perspective.”
Revenue went up by 104 per cent to SEK2.25bn (€227m) over the year, with organic revenue growth amounting to 27 per cent. Profitability was improved and EBITDA increased by 146 per cent to SEK429m (€43.3m), at a margin of 19 per cent. Profit for the period amounted to SEK110m (€11.1m).
In the fourth quarter, group revenue increased by 17 per cent year-on-year to SEK607m (€61.29m), with organic revenue growth amounting to 16 per cent. With profitability improved, EBITDA increased by 37 per cent to SEK141m (€14.2m) and the EBITDA margin was 23.3 per cent.
During Q4, the switch of listing from AktieTorget to Nasdaq Stockholm’s main list was completed, a change of management in igaming subsidiary ComeOn was implemented, a further 12.5 per cent of shares in Highlight Games was acquired, taking Cherry to an ownership of 37.5 per cent in that company, while the shareholding in Game Lounge went up to 95 per cent.
Cherry CEO Anders Holmgren said: "We have much ahead of us and Cherry is the player that can most naturally benefit from all of the opportunities available. We will continue to focus on companies run by extremely strong and ambitious individuals with a mix of entrepreneurs and specialists with a strong spirit of innovation. Creativity and hard work drive the products forward, also allowing Cherry’s business areas to grow faster than their respective markets.”
