Cherry Turns In Positive Results

CHERRY TURNS IN POSITIVE RESULTS

13th November, 2012 at 15:33:24
Source: http://www.azonlinecasinos.com

Record third quarter results

Gaming firm Cherry delivered its Interim Report for the first nine months of 2012 which reported an all time high in its online gaming and Restaurant-Casino business areas.

Its Maritime division fared less positively, however, the company expects better margins on a group level following the sale of the division to Bell Casino AB earlier this month (see previous report).

Cherry has narrowed its focus to online gambling, which they consider to be a key growth area for the firm, developing its own proprietary platform on which the launch of its new gaming site Euroslots.com is imminent under a Maltese Lotteries and Gaming Authority licence.

Key performance highlights for the third quarter ending September 30, 2012 include:

- Group turnover increased by 9% to SEK 128.6 Million (Q3/2011: SEK 118.3 Million)

- EBITDA increased by 10% and amounted to SEK 12.4 Million (Q3/2011: SEK 11.3 Million).

- EBIT increased by 23% to SEK 10.8 Million (Q3/2011: SEK 8.8 Million).

- Online Gaming turnover increased by 24% and EBIT increased by 46% to SEK 9.8 Million (Q3/2011: SEK 6.7 Million).

- Restaurant Casino turnover increased by 4% and EBIT increased by 7% to SEK 3.3 Million (Q3/2011: SEK 3.1 Million).

- Restaurant Casino market share increased to 58% (Q3/2011: 54 percent) of the active gaming tables.

- The result after tax amounted to SEK 7.5 million (Q3/2011: SEK 6.7 Million)

Nine month interim period highlights include:

- Group turnover increased by 12% amounting to SEK 363.2 Million (9M/2011: SEK 325.4 Million).

- EBITDA increased by 82% amounting to SEK 36.5 Million (9M/2011: SEK 20.1 Million).

- EBIT increased by 145% to SEK 28.9 Million (SEK 11.8 Million).

- The result after tax amounted to SEK 22.1 Million (Q3/2011: SEK 12.3 Million)

Emil Sunvisson, chief executive officer of Cherry commented: " Cherry's business areas; Online Gaming and Restaurant Casino continue to develop positively, while the situation within Maritime Gaming remained challenging during the quarter.

The sale of the business area Maritime Gaming, which took place after the third quarter, will result in better margins on Group level and enable greater focus on the growth area; Online Gaming. The sale will also help to improve the Group's liquidity."

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