Cherry’s first quarter 2018’s revenues and EBITDA were better than anticipated.
Sweden.- Cherry AB has made a preliminary assessment of the group’s development in the first quarter of 2018. Revenues, as well as EBITDA, show a strong expansion and are expected to amount to approximately MSEK 675 (US$80.2) and MSEK 188 (US$22.3) respectively, to be compared with MSEK 541 (US$64.3) and MSEK 83 (US$84) in the corresponding period of 2017. EBITDA margin for the quarter is expected to amount to 28 per cent.
The reason for the better than anticipated development is primarily attributed to a continued improvement in the Online Gaming business. During the quarter, several brands in the business area enjoyed favourable market growth, which in combination with the ongoing focus on a more efficient organisation of ComeOn operations, resulted in a better development than anticipated by the Cherry Management.
Furthermore, the other business areas – mainly Game Development and Online Marketing – reported a good development, well in line with the anticipation for the first quarter of 2018. The financial data is preliminary; Cherry will present its interim report for January-March 2018 on May 3rd, 2018.