Cherry Has No IPO Plans For Immediate Future

November 2, 2018 by

Online operator Cherry has explained that the likelihood of a new IPO for their Yggdrasil game development division is low, which comes after the Swedish firm’s gaming brand, ComeOn, had driven group revenue up by 58% to total of SEK899 million during the third quarter.

Organic growth across the group has also improved by 46%, which has added in the generation of quarterly earnings before deductions and interest of SEK258 million, which is a culminated improvement of 130%.

Yggdrasil, who recently signed a new agreement with both Paf and Veikkaus of Finland, have also expanded further with partnerships between Svenska Spel and ATG of Sweden. The firm has posted a 62% rise in their operating revenue to SEK71.5 million, as well as a 26% increase in earnings before tax.

ComeOn, which had previously applied for eight Swedish gaming licences earlier this year in September, had been responsible for 81% of the entire group’s sales, and posted a 63% rise in their Q3 revenue report, which rose from SEK448 million to SEK 732 million. The mobile portion of ComeOne’s net game’s wins improved from 58% to 70%, with their casino games generating a total of 83% of the brand’s revenues for the quarter.

This comes after Cherry seized control of affiliate operator Game lounge, which had registered a 54% increase to revenue from the third quarter from SEK45 million to SEK69 million, which came alongside their acquiring of a majority stake in Highlight Games in August.

TOP pokies casinosFebruary 2024
1 IE allowed5/5$1600 NZD Play now
2 IE allowed4.9/5$1000 NZD Play now
3 IE allowed4.8/5$350 NZD Play now
4 IE allowed4.7/5$750 NZD Play now

William Bettany

More About

William Bettany has spent a lot of time in New Zealand’s casinos, indulging in his passion for pokies both online and off. With an incredible array of experience and insight at his disposal, William is sharing all the hottest casino news with, and paving the way to players putting more money away at the end of the day.
William’s on-target advice, superior playing experience, and no-nonsense reporting have made sure his opinions are listened to, and he values sharing the news and his views, reviews and industry insights with others.

View Posts - Visit Website