Cherry AB subsidiary ComeOn has been praised for progressing “very well with the broad plan of action that was brought into effect just over a year ago”, as the Scandinavian igaming firm disclosed its January to September interim report.
The Cherry affiliate program has operated under the name of ComeOn! Connect after the merger of Cherry Affiliates and Earn Affiliates earlier this year, and the group’s Acting CEO Gunnar Lind detailed how the subsidiary “has good opportunities to strengthen its position in the Swedish market following the re-regulation to be introduced next year”.
Elsewhere, Cherry reported a 58% year-on-year increase in revenues, to SEK899 million (€86.5 million).
For the quarter, EBITDA increased by 130% to SEK258 million (€24.8 million), while the EBITDA margin was 29%.
Profit for the period amounted to SEK188 million (€18.1 million), more than four times the SEK42 million posted in the same period in 2017.
The strong quarter reinforced a very positive 2018 to date for Cherry, with YTD group revenue up 42% to SEK2.3 billion (€220 million), of which organic growth amounted to 32%.
Profitability improved in the first nine months of the year, with EBITDA up 114% to SEK615 million (€59.1 million) at an EBITDA margin of 26%. Profit for the first three quarters amounted to SEK367 million (€35.3 million).
Lind added: “The second quarter of the year ended well and the positive trend in sales and gaming volumes continued throughout the third quarter. This is mainly explained by our high level of quality and innovation, which is appreciated by our customers and by all players.
“As noted in our previous interim report, investments in marketing and operations strengthen the group’s development both short and long term. Cherry’s strategy of maintaining proximity to all parts of the gaming market and end customers is crucial to our continued growth.”