Cherry on top

Cherry reported on its online gaming and restaurant casino division results for the fourth quarter and full year period.

Financial Highlights for the fourth quarter include:

–   Group turnover amounting to SEK 177.1 million (Q4/2011: SEK 116.5 million).
–   EBIT of SEK 7.5 million (Q4/2011: SEK 27.1 million).
–   Adjusted items re reassessment of the additional purchase price and impairment of goodwill, turnover increased by 12 percent to SEK 103.7 million (Q4/2011: SEK 92.7 million) and EBIT increased by 127 percent to SEK 7.5 million (Q4/2011: 3.3 million).
–   EBIT for Online Gaming increased by 230 percent to SEK 6.6 million (Q4/2011: SEK 2.0 million).
–   Restaurant Casino turnover increased by 10 percent and reached all-time high with SEK 37.6 million (Q4/2011: SEK 34.2 million).
–   Restaurant Casino EBIT amounted to SEK 3.5 million (Q4/2011: SEK 3.6 million) while market share increased to 58 percent (55) of the active gaming tables.
–   After tax amounted to SEK 7.3 million (Q4/2011: SEK 24.2 million) equivalent SEK 0.67 (2.08) per share.

Key performance highlights Full year 2012:

–   Group turnover amounted to SEK 473.1 million (2011: SEK 368.7 million).
–   EBIT amounted to SEK 36.8 million (2011: SEK 39.3 million).
–   Adjusted for non-recurring items related to the reassessment of the additional purchase price and impairment of goodwill, turnover increased by 16 percent to SEK 399.7 million (2011: SEK 344.9 million) and EBIT increased by 137 percent to SEK 36.8 million (2011: SEK 15.5 million).
–   Profit after tax amounted to SEK 31.0 million (2011: SEK 36.7 million) equivalent SEK 2.35 (3.08) per share after minority interests.
–   Restaurant Casino turnover grew by 7 percent and Online Gaming by 21 percent.

Cherry chief executive officer Emil Sunvisson, commenting on the results, said:

“Cherry’s two remaining business areas, Online Gaming and Restaurant Casino continue to develop positively. The sale of the business area Maritime gaming meant an increased focus on the growth area; online gaming and a greatly improved liquidity”.

Cherry said its online gaming division continues to develop favorably. Its newly launched Euro Slots.com is meeting expectation and will be rolled out in new markets in future.

The company will focus on setting up a number of regionally adapted gaming sites and special version sites for mobile.