Cherry Reports Good Turnover for Q2Published August 29, 2014 by Amir G
Swedish online gaming operator Cherry reports positive Q2 turnover with an estimated 24 percent improvement over last year.
Swedish gaming operator Cherry which operates the popular Cherry Casino has made public its interim report for Q2 2014, showing a good turnover. In total, group turnover across all businesses has increased to SEK 76.4m – an improvement over the figures achieved during the same point of time for Q2 2013: SEK 61.6m.
Strong Growth for Online Gaming
According to the report, Cherry's online gaming endeavors grew by 40 percent with deposits increased by 43 percent in the six-month interim period. At the same time, Cherry's Q2 EBIDTA (Earnings before interests, taxes, depreciation and amortization) were quoted at a loss of SEK 4.1m, overall an improvement from the SEK 9.2m deficit in EBIDTA in the same time period last year.
Cherry CEO Emil Sunvisson commented on the Q2 figures: "It has been a very positive first six months of 2014 and we can conclude that all business areas set new sales records. Online Gaming continues to grow faster than the market and Yggdrasil has signed a number of new contracts. Cherry’s journey as a fast-growing online company continues."
Sunvisson said that Cherry's products are being discovered by more and more players, mentioning Cherry Casino's rebranding and the placement of new personal identification with the casino using the characters of a distinguished gentleman and Uncle Cherry – a gorilla wearing a three-piece suit.
Yggdrasil Part of Success
A part of the positive turnover in Cherry's online gaming business is attributed to software developer Yggdrasil to which Cherry serves as a parent company. Cherry CEO Sunvisson said that in 2014 alone Yggdrasil delivered four unique slots and signed 14 agreements. Catering to 15 different online casinos with six different operators, the company opened an office in Gibraltar. Cherry and Yggdrasil will be involved in new Swedish lottery Klubblo, the country's Sports Alliance's own lottery.