Cherry Foresees Fruitful Returns for Q1Published April 22, 2018 by Lee R
Successful management, integration and performance by group companies are spurring growth.
Stockholm-based Cherry AB has announced expectations for Q1 2018 results to be “better than anticipated.”
The market update issues from company governance reflects upgrade expectations of corporate revenues of SEK 675 million, as well as group EBITDA of SEK 188 million.
EBITDA gains will reflect significant improvement, and are rumoured to be coming in at 28% for the Q1 trading period.
Drivers of Growth
The Cherry market update explains the gains as reflective of notable Q1 activity such as several brands in the Group experiencing favourable market growth which combined with increased operational efficiency of Group Member ComeOn resulted in development that was “better development than anticipated” by Cherry Management.
Key Personnel Change
A key organizational development driving the accelerated fortunes was the February promotion of Anders Holmgren to Group Chief Executive, on the heels of an adaptive 2017 as Cherry integrated ComeOn assets.
A key measure Holmgren took was to install a new executive operating team at ComeOn that set about redefining priorities for improvement and accelerating growth.
The actual figures will be confirmed this coming May 3rd in the Cherry AB group interim report for January–March 2018.
Established in 1963, Cherry has now forged a reputation as the leading and fastest growing Swedish innovation and gaming company. Cherry currently operates through five diversified business areas of Online Gaming, Game Development, Online Marketing, Gaming Technology, and Restaurant Casino, adhering to a strategy of creating shareholder value through rapid acquisition and development of profitable businesses within the gaming and casino industry. The company currently employs 1400 people, with 6700 shareholders.
The latest adjustments appear to validate Cherry’s corporate commitment to growing organically in combination with strategic acquisitions of fast-growing companies.