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Online business improves for Cherryforetagen

Operator saw its,, and sites contribute over half of its total revenues.

Tuesday 30th August 2011

Swedish online gaming firm Cherryforetagen AB has released its interim financial results for the first six months of 2011 showing a 31.2 percent year-on-year increase in turnover to $32.9 million. Stockholm-based Cherryforetagen operates the online gaming site alongside, and and declared that the number of new online players rose by 96.1 percent when compared to the first six months of 2010 to 146,863. For the second quarter of the year, revenues from online gaming improved by 32.2 percent year-on-year to reach $8.73 million and accounted for over half of the firm’s total $16.45 million in revenues. Cherryforetagen announced that earnings before interest and tax from online gaming over the second three-month period amounted to $540,180 although this was down from the $1.12 million it made over the same period in 2010. After announcing in June that Gunnar Lind had stepped down as its President and Chief Executive Officer after five years in charge, Cherryforetagen stated that Emil Sunvisson has now taken over the role. “With 48 years in the business, Cherryforetagen is a rather unique company in the young and emerging Swedish gaming wonder,” said Sunvisson, who officially started with Cherryforetagen on August 1. “During my first period I have earned an even greater respect for the great skill and commitment that Cherryforetagen's employees possess. There is a big responsibility to manage and develop Cherryforetagen in order to meet the new opportunities and challenges of the evolving gaming industry and I look with confidence to take on the role as Chief Executive Officer. 'The launch of EuroLotto has resulted in a very strong customer intake but also increased marketing costs. The previous lack of technical quality at EuroLotto was improved during the quarter. Sponsorship contracts have been signed with the Special Olympics, the world's largest sports organisation for people with disabilities and also with rally driver Petter Solberg.”

Source: OnlineCasinoNews

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