Cherry reports double-digit growth as multi-brand strategy pays dividends
Interim CEO Gunnar Lind hails innovation and CRM in online ComeOn division
Cherry Group has reported revenues of (SEK 2332m) £199.4m for Q3, up 46%cc on the previous year, with an EBITDA margin of 26%.
New depositing customers for the quarter were up 28.8% to 5,243,162.
Acting group CEO Gunnar Lind attributed the majority of the group’s growth to the online arm ComeOn, which saw revenues rise 63%.
ComeOn made up 81% of the business in Q3 with Yggdrasil and Game Lounge also contributing to 7% of overall group revenues.
Casino made up 81% of ComeOn’s revenues with sportsbook amounting to 16%.
“ComeOn has shown itself to able to launch innovations that are quickly appreciated by the market and brands that win over loyal customers,” Lind said.
During the quarter the operator launched a number of new European brands, including PZBuk in Poland and Blitzino in Germany.
In previous quarters the operator rolled-out fast-registration and withdrawal brands in Sweden and Finland.
Cherry also applied for eight Swedish licences ahead of upcoming regulation in order to maintain its multi-brand strategy in the market, Lind said.
At the time of writing Cherry’s share price was up 7.5% to SEK 68.7.