Cherry adjusts full-year forecast
All of the Cherry Group business areas are performing well but the ComeOn! integration has not yet reached a full positive impact. Thus, the Company adjusts its full-year forecast for 2017.
Cherry AB (publ) shows continued strong development in all business areas with profitable growth. In December 2016, in connection with Cherry calling the option to acquire the remaining 51% of the shares in ComeOn Malta Ltd, the Group provided a forecast. The Cherry Group, together with acquired ComeOn, was estimated to generate total revenue for the full year 2017 of between SEK 2,600 and SEK 2,700 million, with an EBITDA of SEK 550 to SEK 600 million.
The rapid merging of the online gaming operations to ComeOn! has resulted in intensive integration work and thus affected growth. Given that the merger has not yet reached a full positive effect on the Group's revenue and earnings, Cherry adjusts its forecast for the full year 2017. The Company now expects the Group to generate total revenue of approximately SEK 2,500 million in 2017 and EBITDA is expected to amount to approximately SEK 480 million.
Cherry publishes its interim report for the second quarter on 24 August, 2017.
For further information, please contact:
Anders Holmgren, VD, +46 708 607 534, anders.holmgren@cherry.se
Christine Rankin, CFO +46 765 399 492, christine.rankin@cherry.se
Carolina Haglund Strömlid, Head of IR & Communications, +46 708 807 173, carolina.stromlid@cherry.se
This information is information that Cherry AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above on 17 August 2017.
CHERRY IN BRIEF
Cherry is a Swedish innovating and fast growing gaming company established in 1963. The business strategy is to create shareholder value by owning and developing fast-growing and profitable businesses within the gaming and casino industry. Cherry operates within five diversified business areas, Online Gaming through ComeOn!, Performance-based Marketing through Game Lounge, Gaming Technology through XCaliber. Game Development through Yggdrasil Gaming and Highlight Games and Restaurant Casino through Cherry Spelglädje. The objective is to grow organic in combination with strategic acquisitions of fast-growing companies. Cherry employs around 1 100 people and has more than 6,000 shareholders. The Company’s B-shares are listed on AktieTorget.
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