After completing its acquisition of Malta-based rival ComeOn Malta Limited in May, Swedish online casino operator Cherry AB has now released its financial results for the first six months of 2017 showing a 192% increase year-on-year in overall revenues to $133.61 million.
Cherry AB is responsible for over a dozen online gaming domains including CherryCasino.com, SunnyPlayer.com and SveaCasino.com. The company announced that its earnings before interest, tax, depreciation and amortization for the six months to the end of June had risen by 334% year-on-year to $21.83 million.
Stockholm-based Cherry AB, which is now the third largest online gambling operator in Scandinavia, detailed that its half-year profit had swelled by over 96% year-on-year to $6.32 million while its earnings before interest, tax, depreciation and amortization margin improved by 5.3 percentage points to hit 16.3%.
For the second quarter, Cherry AB explained that its overall revenues had reached $66.47 million, which represented a boost of some 179% year-on-year, with its earnings before interest, tax, depreciation and amortization for the three-month period improving by 524% to $11.53 million.
Despite laying out just over $228.12 million during the second quarter in order to complete its purchase of ComeOn Malta Limited, Cherry AB declared an overall profit for the period of $1.86 million. This amount represented an improvement of 87.5% year-on-year, thanks to its earnings before interest, tax, depreciation and amortization margin rising by 9.6 percentage points to 17.3%.
“We continue to be a profitable and fast-growing company even if the integration of ComeOn Malta Limited has not yet reached full positive effect,” read a statement from Anders Holmgren, Chief Executive Officer for Cherry AB. “By further diversifying and consolidating our operations, we strengthened our platform and thus the conditions for long-term leverage.”
Cherry AB is moreover responsible for online casino games developer Yggdrasil Gaming and stated that this concern had posted overall revenues of $4.96 million for the second quarter. This represented a boost of 103% year-on-year, courtesy of a 44% earnings before interest, tax, depreciation and amortization margin.
“A number of new [and] important licensing agreements were concluded and more innovative games were launched,” read the statement from Holmgren. “During the quarter, Yggdrasil Gaming also went live with its games in the Italian regulated market.”