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Cherry’s 1Q18 revenue and EBITDA better than expected

Ben Blaschke by Ben Blaschke
Mon 16 Apr 2018 at 12:07
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Swedish gaming company Cherry says it expects its revenue to grow by 24.8% year-on-year to SEK675 million (US$80.3 million) in 1Q18, aided by continued improvement within the company’s online gaming business area.

A preliminary assessment of the group’s performance also has EBITDA growing 126.5% to SEK188 million (US$22.4 million).

“During the quarter, several brands in the business area enjoyed favorable market growth, which in combination with the ongoing focus on a more efficient organization of ComeOn operations, resulted in a better development than anticipated by the Cherry management,” it said.

“Further, the other business areas, mainly Game Development and Online Marketing, reported good development, well in line with the anticipation for the first quarter of 2018.”

Cherry, established in 1963, adopts a business strategy to create shareholder value by owning and developing fast growing and profitable businesses within the gaming and casino industry. Cherry operates through five diversified business areas: Online Gaming, Game Development, Online Marketing, Gaming Technology and Restaurant Casino.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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