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Scandinavian igaming operator Cherry AB, reported that Q4 2014 revenues increased 33% as the company finished 2014 strongly. The operator stated that improved player activity and deposits in Q4 2014 had grown online gambling turnover by 60%.
Cherry AB was able to record Q4 group revenues of SEK 99.8 million (up 33% on Q4 2013 – SEK 75 million). Igaming products contributed 56% of total revenues for the Q4 period, as the operator recorded digital revenues of SEK 59.8 million (Q4 20143: SEK 35.6 million).
During the period Cherry AB was able to reduce group EBITDA earnings to SEK -6.5 million (Q4 2013 – -10.7 million), as the operator streamlined operations. Cherry AB maintained increases in new customer acquisitions during the period, totalling +43,000 new customers.
The strong final quarter impacted positively on its 2014 full year performance figures, as Cherry recorded improved 2014 revenues of SEK 335 million (£26 million) (up 28% on 2013 – SEK 226 million). 2014 digital gaming revenues increased 45% as Cherry recorded SEK 183 million in product revenues.
Cherry’s 2014 group EBITDA was further reduced to SEK -17.9 million (- £1.4 million), down from SEK -24 million for 2013 performance.
Commenting on corporate performance CEO Fredrik Burvall, said:
“In the fourth quarter Online Gaming showed strong growth of 60 percent, which, combined with improved financial results, means that Cherry’s efforts to improve the gaming experience and increase customer loyalty has begun to show results. The fact that Cherry was awarded “Online Gaming Operator of the Year” at the International Gaming Awards for the second year running is yet another confirmation that our investment is having the desired effect”
Cherry AB 2014 Performance Overview
