Online revenues sweeten Cherry numbers

Swedish operator Cherry has seen online revenues rise by 11% in the first half of 2012 compared to the same period last year, with a continued focus on slots driving growth, the company announced in interim financial results this morning.

Strong online turnover, rising to SEK60.9m (£5.87m) from SEK55m in H1 2011, helped group turnover increase by 13% year-on-year to SEK234.6m. Online gaming EBITDA increased by 156% and amounted to SEK8.7m from SEK3.4m in the same period last year.

The second quarter saw Cherry, through its subsidiaries, apply for a licence from Malta’s Lotteries and Gaming Authority (LGA) and is preparing to launch its new EuroSlots.com site into European markets in the third quarter of this year.

The Scandinavian-facing operator, which this year changed its name from Cherryföretagen, saw new online gaming customers for the first half of 2012 amount to 271,919, up from 146,863 in the first half of 2011. During the second quarter customer deposits increased to SEK158.2m from SEK155m in the same period last year.

Former Betsafe chairman Emil Sunvinsson was named Cherry’s CEO last year after Gunnar Lind resigned after almost five years in the role.