Swedish Online Gaming Company Cherry Announce 15% Increase In Quarterly Revenues

Swedish Online Gaming Company Cherry Announce 15% Increase In Quarterly Revenues

November 11, 2013
Staff Writer
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The online gaming group Cherry are the latest company to release their latest set of accounts, with a 15% increase announced compared to the same period as last year.

The overall figures for the year currently show a healthy increase of 15% for the third quarter of this financial year, with the figures now standing at SEK69.9million. For the year as a whole the figures now stand at SEK191.3million, up from the SEK166.7m over the same period as last year.

The earnings before tax, interest and depreciation for the last three months are also showing a slight increase and now stand at SEK4.4million, up from the SEK4.2m for the same quarter as last year. Cherry's revenue from their land based casino has also increased, but only slightly at 1% for the last three months, and now stands at SEK34.4million.

Emil Sunvisson is the CEO at Cherry and he was fairly upbeat about his company's latest set of accounts as he had this to say, “Online gaming is again Cherry’s largest business area measured by turnover. High marketing costs have negatively impacted profit, but have also resulted in increased growth. Growth is a prerequisite for future profitability, as economies of scale with our current structure are significant.”

The increases may not have been as high as expected, but at the end of the day an increase is an increase and one that many other company's would love to have right now in these difficult financial times.

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