Cherry and Yggdrasil announce growing revenue in financial update

Online operator Cherry Group grew revenue by 58% year-on-year to SEK 899m ($98m) for Q3.

Year-to-date revenue increased by 42% to SEK 2.33bn, and in the same period, profitability (EBITDA) improved by 114% to SEK 615m.

Cherry CEO Gunnar Lind said: “There are several bright points in development in the third quarter, and I particularly want to highlight the favourable development in online gaming."

Cherry’s ComeOn brand will now attempt to strengthen its growth as it applies for eight licenses in Sweden’s newly re-regulated market.

Lind said: “ComeOn has succeeded very well with the broad plan of action that was brought into effect just over a year ago.”       

One of Cherry’s five business areas is development; this is covered by Yggdrasil Gaming and Highlight Game.

Yggdrasil published its financial statement separately and announced a year-to-date revenue increase of 66%, up to SEK 195.8m.

EBITDA also rose in this period, up 21%, to SEK 49.7m.

In its Q3 results, Yggdrasil posted operating revenue of SEK 71.5m, an increase of 62%.

Founder and CEO of Yggdrasil, Fredrik Elmqvist, said: “During the quarter we signed several high-profile customers and our very first social gaming partnership in Asia through a deal with Taiwanese operator XSG.

“I am also thrilled to announce that we have signed with ATG and Svenska Spel in Sweden and Veikkaus in Finland after the close of the quarter.”