Cherry continues to grow rapidly after successful 2015
For decades, Cherry has been the leading private gaming company in Sweden and 2015 ended with a bang.
The last quarter saw a 72% revenue increase compared to the previous year, ending up with a staggering 172.5 million SEK (€18.3 million), out of which 74% was brought by online gaming. Online gaming increased turnover with a massive 109% and with the recent face lift for all of their online brands, 2016 is likely to continue this up going trend.
Their gaming provider Yggdrasil increased their turnover by 696% and have recently attained a licence in the UK which is expected to go live toward the end of Q1 this year. Additionally, Cherry bought another 4% of the Malta based company Almor Holding Limited, who drive online casino’s toward German speaking markets and Cherry now owns 75% of its stocks. Cherry is showing no signs of slowing down and will look to further strengthen their position in various markets.
Summing up, Cherry had a fantastic 2015, with strong growth and great results on all fronts. Revenue increased by 56% compared to previous year, amounting to a staggering 528,7 million sek (€56 million).
2016 has brought continued success as Cherry were the big winners in February’s International Gaming Awards – Cherry won the title “Online Gaming Operator of the Year” for the third year in a row, EuroLotto.com were crowned ”Lottery Operator of the Year” and Yggdrasil were awarded “iGaming Software Supplier of the Year”.
Cherry has also applied for introduction to the Stockholm stock market, something which is expected to go through later this year.
Along with great improvements of current brands and recent acquisitions, Cherry has more than a few reasons to have high expectations for the future as they aim for steady growth, both in terms of organic growth and new acquisitions.
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