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Cherryforetagen turnover +13%, iGamingBusiness

Cherryforetagen turnover +13%, iGamingBusiness | Poker & eGaming News | Scoop.it

Swedish online gaming firm Cherryforetagen AB has released its interim financial results for the first six months of 2012 showing a 13 percent year-on-year increase in turnover to SEK234.6 million ($35.5 million).

 

Stockholm-based Cherryforetagen operates the PlayCherry.com online gaming site alongside NorgesAutomaten.com, SverigeAutomaten.com and DanmarksAutomaten.com and declared that its earnings before interest and tax for the six-month period rose by 503 percent year-on-year to SEK18.1 million ($2.7 million) while earnings before interest, tax, depreciation and amortisation improved 174 percent when compared with the same period last year to SEK24.1 million($3.6 million).

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Positive start to 2012 for Cherry after online gaming growth

Shares in Sweden’s Cherryföretagen soared by more than 8 per cent this morning after the company reported a 22 per cent increase in revenues to SEK119.1m ($17.4m) for the first quarter of 2012, more than half of which was generated by the company’s growing online gaming business.

 

Revenues from online gaming increased by 38 per cent to SEK67.6m, with “stable” results generated from the company’s NorgesAutomaten, SverigeAutomaten and DanmarksAutomaten gaming sites. Online gaming now accounts for more than 56 per cent of the Cherry’s total revenues.

 

Q1 Revenues by Segment

Swedish Krona (SEK) Q1 2011 Q1 2012
Online Gaming 48.8m 67.6m
Restaurant Casino 29.0m 31.9m
Maritime Gaming 19.6m 19.6m

TOTAL 97.4m 119.1m

 

Q1 Results

Swedish Krona (SEK) Q1 2011 Q1 2012
Revenues 97.4m 119.1m
Operating Expenses 90.8m 107.2m
Operating Income 6.6m 11.9m
Operating Profit 3.7m 9.0m
Profit for Period 0.9m 3.1m

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Online business helps Cherryforetagen results, Igaming Business

Online business helps Cherryforetagen results, Igaming Business | Poker & eGaming News | Scoop.it

Swedish online gaming firm Cherryforetagen AB has released its interim financial results for the first quarter of 2012 showing a massive 143 percent year-on-year increase in earnings before interest and tax to £811,740 (SEK9.0 million).

 

Stockholm-based Cherryforetagen operates the PlayCherry.com online gaming site alongside NorgesAutomaten.com, SverigeAutomaten.com and DanmarksAutomaten.com and declared that its first quarter earnings before interest, tax, depreciation and amortisation grew by 80 percent year-on-year to £1.07 million (SEK11.9 million) while overall turnover for the three-month period rose 22 percent when compared to the same period in 2011 to £10.74 million (SEK119.1 million).

 

Cherryforetagen announced that quarterly earnings improved across all of its business segments with its online business seeing a 65 percent year-on-year boost to £775,651 (SEK8.6 million) while its restaurant casino enterprises reported a 61 percent enlargement when compared to the first three months of 2011 to £261,617 (SEK2.9 million).

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