Cherryforetagen Online Players Up By 365 Percent

CHERRYFORETAGEN ONLINE PLAYERS UP BY 365 PERCENT

12th May, 2011 at 11:51:03
Source: http://www.azonlinecasinos.com

And an increase in group turnover of 79.7 percent

Swedish land, maritime and online gaming group Cherryforetagen AB released its first quarter interim results reporting a turnover increase of 79% and an increase in active online customers of 365 percent.

Key Performance Indicators include:

Group:

- Group turnover increased by 79.7% amounting to 97.4 Million Swedish Kroner

- EBITDA increased - 6.6 Million Swedish Kroner

- Number of active clients rose 88% compared to Q4/2010

- New online players rose 365% compared to Q4/2010

Online Gaming - Q1/2011 - Cherry operate online gaming from Malta through the sites SverigeAutomaten.com, NorgesAutomaten.com, DanmarksAutomaten.com, PlayCherry.com and EuroLotto.com.

- Revenues amounted to 48.8 Million Swedish Kroner

- EBIT amounted to 5.2 Million Swedish Kroner

- Deposits increased and amounted to 152.0 Million Swedish Kroner (Q4/2010: 146.4)

The company commented that Cherry Malta had made extensive investments in the launch of EuroLotto.com which had a negative short-term effect on the profit.

Gunnar Lind, CEO, Cherryforetagen commented: "Q1 has been an exciting and challenging quarter, where we set the foundation for further expansion and increased product offerings, but was also a quarter with many challenges. The latter are to be conquered. Cherry will also continue to invest in new products and new markets, enabling growth and increased profitability".

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