A strong all-round performance from Cherry helped the gaming group increase its third-quarter revenues by 46 per cent to SEK899m (£77m), with EBITDA increasing by 130 per cent to SEK258m.
Profit for the period running up to the end of September was SEK188m, up from SEK42m, with EBIT affected positively by an item affecting comparability of SEK57m, following the revaluation of the previously owned holding in Highlight Games.
Highlighting the strong performance of the group’s online operations, acting CEO Gunnar Lind said that investments in marketing and operations strengthened the group’s development both short and long-term.
“Cherry’s strategy of maintaining proximity to all parts of the gaming market and end customers is crucial to our continued growth,” he said. “This allows us to act quickly and invest resources where we see that such measures will provide the best return.”
Pointing to the establishment of a stronger position in Poland, with new brands including Blitzino and PZBuk, Lund also praised the work of developers Highlight Games and Yggdrasil as well as its operator subsidiary ComeOn.
After the end of Q3, Yggdrasil signed agreements with the largest gaming operators in Finland (Paf and Veikkaus) and in Sweden (Svenska Spel and ATG).
“Yggdrasil has progressed some way on its journey of growth, while Highlight recently launched its game product in test markets in Africa, and both companies are reporting success,” Lind added.
“ComeOn has succeeded very well with the broad plan of action that was brought into effect just over a year ago.”
