Cherry delivers in third quarter report

News on 31 Oct 2018

Cherry AB delivered robust results in its third quarter report published Wednesday.

Key performance highlights for the three month period ending September 30, 2018 include:

• A 58 percent increase in Group revenue to MSEK 899 (Q3/2017: MSEK 567), with organic revenue growth amounting to 46 percentages. Acquisitions contributed 1 percentage and currency 12 percentages points.

• Profitability improved, and EBITDA increased by 130 percent to MSEK 258 (Q3/2017: MSEK 112) and the EBITDA margin was 29 percent (Q3/2017: 20 percent).

• Profit for the period amounted to MSEK 188 (Q3/2017: MSEK 42). EBIT was affected positively by an item affecting comparability of MSEK 57, following the revaluation of the previously owned holding in Highlight Games.

• Earnings per share before and after dilution amounted to SEK 1.75 (Q3/2017: SEK 0.22) and SEK 1.74 (Q3/2017: SEK 0.21) respectively.

“There are several bright points in development in the third quarter, and I particularly want to highlight the favourable development in Online Gaming,” said Gunnar Lind, acting CEO for Cherry.

Looking ahead, Lind said the company will continue to strengthen its presence in markets approaching regulation, including Sweden and other major markets, such as states in the US.

“The clear regulations that such markets offer are of interest to Cherry and its subsidiaries as they provide opportunities for long-term commitment and stability.”

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