CHERRY AB REPORT: REVENUE SURGE FOR Q4 2017
A Scandinavian gaming company Cherry AB, which was founded in 1963, has revealed an impressive 17% revenue surge in the fourth quarter of 2017.
In the last quarter of 2016 the total revenue reported by the company was SEK 519 million, a good result that was further improved this year, reaching SEK 607 million.
EBITDA for Cherry AB increased by 37% in year-over-year report
The EBITDA figures increased by 37% in the company’s year-over-year report, growing from SEK 103 million in 2016 to SEK 141 million for the same period in 2017. But the company’s figures grew beyond that, as there is a definitive rise in the number of registered online customers – the 2016 number for the fourth quarter was 3,181,799, and in the fourth quarter of 2017 it was 4,347,759, demonstrating growth by 37%.
From Aktie Torget to Nasdaq Stockholm
In the last quarter of 2017 the company began the process of moving from their previous platform, Aktie Torget, to a new one – Nasdaq Stockholm. Nasdaq Stockholm is a primary securities exchange in the region listing over 300 companies in total.
At the same time, Cherry AB is also keeping itself busy negotiating a deal that will result in the company getting extra 12.5% stake in Highlight Games and a 95% stake in Game Lounge, effectively becoming a majority shareholder in the latter.
The company’s yearly financial report shows incredible results for 2017 – more than doubling the SEK 1,102 million result from the 2016 report – to SEK 2,252 million in 2017. Over the same period, the company’s EBITDA has grown by 146% – from SEK 174 million reported for 2016 to SEK 429 million in 2017.
CEO Anders Holmgren comments on the growth
Anders Holmgren, Chief Executive Officer of Cherry AB, commented on the growth the company demonstrated in 2017. Mr. Holmgren noted that a year before he had pointed out the great amount of work to be done in the gaming industry. He had also stated then that the fact AB Cherry owns and manages five diverse businesses spanning the whole industry makes the company strong, allowing it to succeed with their initiatives.
As year later, confesses Cherry AB CEO, the company still remains the kind of player that will always strive to benefit from the multiple opportunities lying ahead. The company aims to focus on companies led by ambitious and promising individuals with a distinct interest for innovation. Anders Holmgren also stated he firmly believes that hard work combined with creativity are the factors that drive the products forward, which so far allowed his company achieve success superseding that of the markets it’s active in.