Scientific Game

Cherry’s 1Q18 revenue and EBITDA better than expected

Monday, 16 April 2018 20:07
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Swedish gaming company Cherry says it expects its revenue to grow by 24.8% year-on-year to SEK675 million (US$80.3 million) in 1Q18, aided by continued improvement within the company’s online gaming business area.

A preliminary assessment of the group’s performance also has EBITDA growing 126.5% to SEK188 million (US$22.4 million).

“During the quarter, several brands in the business area enjoyed favorable market growth, which in combination with the ongoing focus on a more efficient organization of ComeOn operations, resulted in a better development than anticipated by the Cherry management,” it said.

“Further, the other business areas, mainly Game Development and Online Marketing, reported good development, well in line with the anticipation for the first quarter of 2018.”

Cherry, established in 1963, adopts a business strategy to create shareholder value by owning and developing fast growing and profitable businesses within the gaming and casino industry. Cherry operates through five diversified business areas: Online Gaming, Game Development, Online Marketing, Gaming Technology and Restaurant Casino.