Cherry states business intent

Swedish gaming group Cherry AB has laid out its goals for the next business cycle saying growth will be primarily driven by online gaming and gaming technology to ensure the company realises its target of growing faster than the European gaming industry market in terms of revenue.

In the medium term, Cherry’s is striving to attain an adjusted EBITDA of between 15 to 18 percent.

Guiding principles will include focusing on acquisitions to achieve additional growth with Cherry aiming to achieve 70 percent of the Swedish market in the Restaurant Casino business area.

In terms of its dividend policy, Cherry is focusing on distributing 50 percent or more of net profit, conditional on financial position, cash-flow, acquisition prospects and the company’s financial outlook.

A company statement Monday advised Cherry AB had issued additional secured bonds of Euro 134.5 million, proceeds of which will be used to fund the remaining 51 percent acquisition of ComeOn Malta Ltd (see previous  reports).

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