Cherry hails quick turnaround after ComeOn restructure
Group predicts a 127% rise in profits and an EBITDA margin of 28% in forthcoming Q1 results
Cherry Group has today announced projected revenue growth of 25% to MSEK 675 (£56m) for Q1 2018.
In a preliminary assessment of its Q1 numbers, EBITDA rose 127% to SEK 188m (£15.6m) with a profit margin of 28%, up 13 percentage points on the previous year.
The Group hailed a quick turnaround after dropping its profit forecast in November 2017 following integration issues with its online arm ComeOn.
In a statement released this morning, the operator attributed the swift growth to operational changes in the ComeOn brand and continued online growth.
“During the quarter, several brands in the business area enjoyed favorable market growth, which in combination with the ongoing focus on a more efficient organization of ComeOn operations, resulted in a better development than anticipated by the Cherry Management,” the statement said.
“Further, 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.”
ComeOn’s long-standing CEO, Jonas Wahlander left the company in November 2018, as the group announced it was restructuring ComeOn’s senior management.
Cherry will announce its full Q1 financials on 3 May 2018.