Cherry's Q1 online revenues soar 118%
Operator's digital business now makes up more than three quarters of group revenue
Cherry AB’s online gaming revenues soared by 118% during Q1 2016 with its digital arm now accounting for over three quarters of group revenues.
Online revenues amounted to SEK127.3m (?10.82m) for the three-month period ending 31 March, while EBITDA totalled SEK 16.5m (?1.4m).
New customers registering with the operator’s online business also grew significantly during the period compared to last year, up from 36,687 in Q1 2015 to 104,340.
During Q1, the firm revamped its Europe-facing online casino Cherrycasino.com, featuring a new sportsbook, and completed the acquisitions of Moorgate Media Ltd and NorgesSpill.com.
Cherry also acquired ComeOn Malta for ?80m (?63.2m) in April, and Burvall (pictured above) recently confirmed to EGR that the firm is eyeing further acquisitions.
“Cherry continues to deliver according to its strategy, which combines organic growth with strategic acquisitions,” Cherry CEO, Fredrik Burvall, said.
“The first quarter showed further strong growth and a significant increase in profits,” he added.
The Group’s overall revenue increased by 86% to SEK 177.3m (?15m), with online gaming now accounting for 78% of the total. Profits also improved for the group, with EBITDA amounting to SEK 25.6m (?2.18m).
The firm said it expects its online business to grow faster than the market.