Cherry Gaming eyes positive future earnings following H1 2015 revenue growth

fredrickbuvall
Fredrik Burvall

Presenting its 2015 interim report (period: January-June) European igaming operator Cherry Gaming recorded increased group revenues of SEK 202 million (£15.3 million) up 35% on H1 2014 SEK 149.5 million (£11.4 million).

Cherry Governance stated that it was pleased with the progress of its operations, which were showing good growth which would soon transfer into positive earnings for the group.

H1 interim performance would see the operator lessen its EBIT losses to a reported at SEK -14.1 million (- £1.07 million) down from H1 2014 SEK 15.3 million. Cherry Gaming would post H1 EBITDA earnings of SEK -4.9 million (-£300,000).

The Operator highlighted its strong digital performance as a key performance driver, with the channel growing 55%. The operator stated that it had witnessed a 68% increase in player deposits during the opening six month of 2016.

Yggdrasil Gaming, Cherry Gaming’s B2B igaming and content division grew by 136 percent during the period, winning new client contracts during the period

Cherry Gaming continues to expand its services and operations for the European igaming sector. H2 2015 had seen the operator acquire a number of Finnish affiliate website for its Game Lounge igaming marketing division along with  Malta based German focused igaming firm Almor Holdings.

Governance stated that it would look to make the acquisitions earnings effective by H2 2015.

Fredrik Burvall, CEO commented on company performance

Today, Cherry’s business area Online Gaming is well positioned, with a well-functioning and flexible platform, where new products can easily be integrated and new skins added. We can therefore, with limited costs, increase both volume and profits.

Cherry’s goal is to grow faster than the market both through acquisitions and organically, focusing on rapidly increasing profitability. Now we look forward to continue to spread joy of playing, both online and at the pub!

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