Swedish Casino Operator Cherry Reports Record Results

Q3 2012 results for Swedish land and online gambling firm Cherry breaks records.

Swedish gambling laws – GamingZion

Swedish online casino gambling firm Cherry published its fiscal report for the first nine months of 2012. The interim reports showed an all-time record in the online gaming and Restaurant-Casino business divisions.

Cherry Maritime division reported worse results, but the company counts on better margins on a group level following the successful sale of their Bell Casino division earlier this year.

Cherry has narrowed down its focus to online gambling, naming the area to be of key importance in the future growth. The company developed its own proprietary platform and is prepared to launch its new online gambling site Euroslots, licensed under the Malta Lotteries and Gaming Authority and fully compliant with the present Swedish gambling laws.

Here are the Key Performance Indicators for the fiscal quarter ending on September 30:

  • Group turnover was increased by 9 percent to SEK 128.6 million (about $19 million) from SEK 118.3 million year-on-year.
  • EBITDA was increased by 10 percent amounting to SEK 12.4 million from 11.3 million year-on-year.
  • Online gambling turnover grew by 24 percent and EBIT grew by 46 percent to SEK 9.8 million from SEK 6.7 million year-on-year.
  • Restaurant casino turnover was up by 4 percent and EBIT increased by 7 percent to SEK 3.3 million from 3.1 million year-on-year.
  • Cherry’s restaurant casino market share increased to 58 percent of all active gaming tables.
  • Cherry’s result after tax was up to SEK 7.5 million from 6.7 million for the third quarter, and up to SEK 22.1 million from 12.3 million for the first nine months of 2012.

Emil Sunvisson, chief executive officer of Cherry commented in the Swedish gambling news: ” Cherry’s business areas; Online Gaming and Restaurant Casino continue to develop positively, while the situation within Maritime Gaming remained challenging during the quarter.”

Sunvisson added: “The sale of the business area Maritime Gaming, which took place after the third quarter, will result in better margins on Group level and enable greater focus on the growth area; Online Gaming. The sale will also help to improve the Group’s liquidity.”

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