Connect with us
SOFTSWISS

Latest News

Cherry’s year-end report for 2017 – A year of good growth and investments in innovation

Published

on

Cherry’s year-end report for 2017
Reading Time: 6 minutes

FOURTH QUARTER 2017
• Group revenue increased by 17% year-on-year to MSEK 607 (519), with organic revenue growth amounting to 16% (41).
• Profitability improved and EBITDA increased by 37% to MSEK 141 (103) and the EBITDA margin was 23.3% (20.5).
• Profit for the period amounted to MSEK 18 (68).
• Earnings per share before and after dilution amounted to SEK 0.05 (0.72) and SEK 0.05 (0.71) respectively.
• The switch of listing from AktieTorget to Nasdaq Stockholm’s main list was completed and, effective from 18 October, Cherry’s B shares have been traded on the Mid Cap list.
• Change of management in ComeOn was implemented on 26 October.
• On 1 November, Cherry adjusted its full-year forecast.
• Acquisition of an additional 12.5% of the shares in Highlight Games. Cherry now owns 37.5% of the shares in that company.
• Acquisition of the majority of the shares outstanding in Game Lounge. Cherry owns 95% of the shares effective from 1 January 2018.

FULL-YEAR 2017
• Group revenue increased by 104% to MSEK 2,252 (1,102), with organic revenue growth amounting to 27% (32).
• Profitability improved and EBITDA increased by 146% to MSEK 429 (174) and the EBITDA margin was 19.0% (15.8).
• Profit for the period amounted to MSEK 110 (125).
• Earnings per share before and after dilution amounted to SEK 0.53 (1.28) and SEK 0.53 (1.27) respectively.
• As for the 2016 financial year, Cherry AB’s Board of Directors proposes to the Annual General Meeting that no dividend be paid for the 2017 financial year.

EVENTS AFTER THE END OF THE PERIOD
• On 10 January 2018, Cherry confirmed its forecast for full-year 2017.
• On 22 January 2018, the bondholders set out new terms for Cherry’s senior covered bond 2016/2020 of up to MEUR 200 (ISIN SE0008321616).
• On 29 January 2018, Game Lounge acquired US site Slottracker.com

Comments by the CEO, Anders Holmgren: “Cherry’s strong development continued in 2017. We have captured market shares and our companies have strengthened their positions.

After a year as President and CEO of Cherry, I am able to confirm that Cherry can report yet another good year, from both a financial and operational perspective. A year ago, I wrote that there remained an incredible amount to be done in the gaming industry and that what is great about Cherry is that its five diversified business areas span the entire gaming industry and that Cherry AB owns and manages highly interesting companies. We have already benefited from this strength and progressed some distance in our plans. 

A year later, I have the same feeling; we have much ahead of us and Cherry is the player that can most naturally benefit from all of the opportunities available. We will continue to focus on companies run by extremely strong and ambitious individuals with a mix of entrepreneurs and specialists with a strong spirit of innovation. Creativity and hard work drive the products forward, also allowing Cherry’s business areas to grow faster than their respective markets.

Beyond the financial results, we can also acknowledge success in comparison with other players in the industry: at the year’s International Gaming Awards, Cherry won the Mobile Operator award, ComeOn received the Sports Betting Operator award and Yggdrasil received the award for Innovator Supplier of the Year.

Favourable development over the year with potential for improvement

In 2017, Cherry delivered well, achieving total revenue growth of 104 percent, of which 27 percent was organic.

Over the year, we integrated the operations of B2C company ComeOn, Cherry’s largest acquisitions over the years, into our Online Gaming business area. For the most part, this process has progressed as planned, although, in mid-2017, we saw that the company’s costs, market focus and management were not living up to our expectations. Following an intensive period in the second half of the year, the company is back on the growth curve that we envisage. Together, ComeOn’s management and I have identified several priority improvement factors for 2018, and these will be implemented over the year.

Towards the end of 2017, ComeOn launched a product that is in demand in the Swedish market – Snabbare.com. At Snabbare.com, players can find an exciting casino experience without time-consuming registration and they can withdraw their winnings faster. The response shows that products like this are appreciated and have considerable market potential.

High level of activity and acquisitions in Game Development 

Yggdrasil completed a strong year with a number of new agreements and launches of several new games, including the revitalized vertical – bingo, that will be launched in 2018 with a host of new features that work smoothly on mobile phones. The company continued to sign important customer license agreements with major, established operators and additional innovative games were announced. The company has made significant investments in marketing and strengthened its relationships with both operators and players. The result was the highest number of game rounds to date and substantial jackpots payouts. In regulated markets, such as Italy, development has exceeded expectations.

During 2018, Yggdrasil will rejuvenate the gaming experience in classic table games such as Blackjack, Roulette and Baccarat. Players will be offered an enhanced experience in a virtual 3D environment and will be able to interact with a digital croupier. First out is Blackjack, a game in which the company has applied its REDUX™ technology, developed in-house. The game will include opportunities for side bets, as well as characteristics and personalities unique to each croupier.

In our assessment, Yggdrasil’s strong development will continue, and the company is now investing in a more robust organization to safeguard growth. In 2017, the number of employees increased by 99, and at the end of the year totaled 191, and a new studio was opened in Stockholm.

We took a strategically important step in the quarter with the acquisition of Highlight Games, which broadened Cherry’s gaming development operations. Highlight Games develops innovative products for the virtual sports gaming market both online and in real, including content from league football. The company is currently at an exciting early stage and is working intensively with both development and preparations for its launch of products in several markets from the second quarter of this year and beyond, meaning it will take some time before the company generates revenue. Cherry stepped in as a major investor and strategic partner, initially by acquiring 25 percent of the company, and now owns 37.5 percent of the shares in Highlight Games.

Online Marketing broadens its market

Game Lounge’s performance-based marketing operations continue to grow at a rapid pace and with good profitability. We are seeing that enhanced search engine optimization, combined with building strong brands, has a positive effect. In the Japanese market, we saw a continued increase in the number of visitors, although these contributed only marginally to fourth quarter results. The plan is to continue expanding the operations into several new geographic markets.

In the fourth quarter, the market broadened in which the company’s expertise is combined with existing infrastructure to put borrowers in contact with lenders offering terms suiting the borrower’s circumstances. The first step into this segment was taken in November with the acquisition of the Finnish loan reference website Lainat.fi.

After the end of the period, Game Lounge invested in another complementary segment – optimizing gaming for accustomed players who seek control of their gaming. With the acquisition of Slottracker.com, Game Lounge will continue to develop strong offers for the gaming industry and other areas where the company’s unique skills make a difference.

Swedish gaming commission in final stages 

In early December, the Swedish Parliament held a hearing on gaming policy. The industry’s various parties met with the Committee on Cultural Affairs to respond to questions and present their views on the proposal submitted to the government by the Gaming Commission. The timetable stands firm, with a licensing system to be in place from 1 January 2019. Cherry repeated its view that the proposed tax rate of 18 percent is excessive. Legalization of the gaming market, with a high degree of channelling, should be the main purpose of regulation. The UK has successfully achieved a 95 percent channelization, with a tax rate of 15 percent. Unfortunately, we have also received indications that Svenska Spel is preparing for re-regulation by, for example, establishing a business area for licensed gaming. It is our assessment that this will complicate the effective implementation of the new regulations.

Cherry also takes the view that the proposal to increase the maximum wager will not be sufficient to offset the proposed sharp increases in the taxes on gaming tables and in the license fee. As a result, we believe the risk is high that the proposal will lead to fewer jobs and a concentration of operations and tourism to the major cities.

Investments in innovation

In summary, the fourth quarter showed that Cherry has a strong business model that can deliver good returns even in a shorter period of weak development in one business area. As we continue our efforts to ascertain what the market demands, monitoring consumer behaviour and technological development is crucial. We maintain contacts with entrepreneurs who have good ideas and who seek to grow profitably. The number of acquisition candidates suggests that considerable potential remains. Accordingly, we look forward with confidence to further refining our portfolio of investments in innovative and successful operations that can strengthen our positions throughout the gaming value chain.

PRESENTATION OF YEAR-END REPORT 

The interim report will be commented on by President and CEO Anders Holmgren and CFO Christine Rankin in a telephone conference on 16 February 2018 at 10:00 a.m. CET. The presentation materials will be available approximately one hour earlier at www.cherry.se. The presentation can be followed via www.cherry.se and/or www.financialhearings.com. To participate by phone, call +46 8 5664 2698 (SE) or +44 20 3008 9807 (UK).

For further information, please contact:

Anders Holmgren, CEO, Tel.: +46 708 607 534, [email protected]
Christine Rankin, CFO, Tel.: +46 765 399 492, [email protected]
Anders Antonsson, IR & Communications, Tel.: +46 709 994 970, [email protected]

The complete Year-end report is attached and is published on www.cherry.se.

Continue Reading
Advertisement




Prague Gaming & TECH Summit 2024

Latest News

Playson diversifies portfolio with Wild West theme in Arizona Heist: Hold and Win

Published

on

Playson diversifies portfolio with Wild West theme in Arizona Heist: Hold and Win
Reading Time: 2 minutes

 

Daring masterminds launch train robbery to take home big prizes

Playson, the fast-growing digital entertainment supplier, is taking players on the wildest adventure of their life in its debut Western-themed title Arizona Heist: Hold and Win.

A weathered team of criminals feature as symbols in this unpredictable slot. A revolver, backpack, and boozy supplies are all packed ready for this adrenaline-fuelled heist.

The high-energy mission is reflected in three Bonus Game boosters. The Plus booster reveals a random value of up to x10 and adds it to each symbol below it. The Multiplier randomly multiplies up to x10 and adds to all icons on the grid. The Gold booster transforms one Bonus symbol into a Bonus Gold symbol on the reel below. Additionally, the Collect feature collects all values from Bonus and Bonus Gold symbols during the Bonus Game.

In-game jackpots return in the form of a golden safe. Collecting two, three, four or five Bonus Gold symbols during the Bonus Game offers one of four corresponding jackpots. Two Bonus Gold symbols triggers a mini jackpot of x20, three symbols award a x50 minor jackpot, the major jackpot of x100 lands if four symbols are achieved. The grand jackpot of x5,000 is given if five Bonus Gold symbols appear.

The Double feature results from filling all 20 positions in the Bonus Game and doubles all symbol values.

Reflecting the scene of the crime, three or more train Scatters symbols trigger 10 free spins. A further three trains during free spins issues a further five free spins.  During the free spins round, Wild symbols multiply all combinations they are part of, with the Wilds’ multiplier amounts depending on how many Scatters appear. For three Scatters, the Wild offers x2, for four it is x3 and for five it is x5.

The Extra Bonus feature grants a chance of adding Bonus symbols in quantity enough or more to activate the Bonus Game during the Main Game or Free Spins.

Tamas Kusztos, CCO at Playson, said: “The Wild West is known for its unpredictability and adventure, which is what we evoke in Arizona Heist: Hold and Win. We are delighted to introduce this lively new theme into our portfolio, with an exciting array of enhancing features to inject even more excitement.

“The graphics and atmospheric music convey a sense of the unknown, as our players seek to run away with great riches from the train’s bursting safe.”

Continue Reading

Latest News

Play’n GO gifts players a holiday treat in Easter Eggspedition

Published

on

Play’n GO and Benny Bunny invite players to an egg-filled valley of rewards in Easter Eggspedition. In this 5x3 online slot, players are invited to join in on the Easter adventure by exploring a chocolate-filled wonderland filled with exciting rewards such as Guaranteed Scatters, Free Spins and Instant Prizes. This slot follows the story of our hero Benny Bunny and his adversary, the canine known simply as ‘Fox’ competing to collect chocolate eggs in the enchanted valley. Hop along and join the egg hunt to discover delicious payouts waiting for players on the reels. Thematically, this title is cut from the same iconic cloth as older Play’n GO Animal Slot classics such as Rocco Gallo (2022) and Easter-themed thrills like Easter Eggs (2015). In terms of gameplay, this title boasts a wide variety of tasty, chocolate-coated treats for gamers to indulge in. On every spin, there's a possibility of Guaranteed Scatters. This increases the chances of activating the Bonus Feature and provides an exciting experience for the player, blending the excitement of the chase with the slot mechanics. To activate the Bonus Feature, players need to hop across the reels and get three Easter Eggs Baskets. If successful, the feature will award players with three Free Spins. In this feature, each symbol landed resets the counter back to three. Players can win instant prizes, Multipliers, or get the Fox or Benny Bunny symbol. If gamers win the Instant Prize, their win will be added to the Cash Pot. If they get the Benny Bunny symbol, they'll will be awarded the Cash Pot. On the other hand, if they get the Fox symbol, the Cash Pot will be reset. If both symbols are present, players have the chance to win a large payout. If both Benny Bunny and the dastardly Fox land at the same time, Benny will fight off the Fox and reward players with the Cash Pot, resetting the spins to three. The Bonus Feature will end after three consecutive Free Spins without The Bunny or an Easter Egg landing on the reels. Games Ambassador at Play’n GO, Magnus Wallentin said: “At Play’n GO we love a quality seasonal title, and Easter Eggspedition is just that. This slot is jam-packed with quality features, including the narrative-driven Cash Pot features that pits the Fox against Benny Bunny, Guaranteed Scatters and the Instant Prizes feature, making this title well and truly immersive.” With a wide array of features, tight animation and an immersive theme that can be enjoyed all year round – Easter Eggspedition is the full package
Reading Time: 2 minutes

 

Play’n GO and Benny Bunny invite players to an egg-filled valley of rewards in Easter Eggspedition.

In this 5×3 online slot, players are invited to join in on the Easter adventure by exploring a chocolate-filled wonderland filled with exciting rewards such as Guaranteed Scatters, Free Spins and Instant Prizes.

This slot follows the story of our hero Benny Bunny and his adversary, the canine known simply as ‘Fox’ competing to collect chocolate eggs in the enchanted valley. Hop along and join the egg hunt to discover delicious payouts waiting for players on the reels. Thematically, this title is cut from the same iconic cloth as older Play’n GO Animal Slot classics such as Rocco Gallo (2022) and Easter-themed thrills like Easter Eggs (2015).

In terms of gameplay, this title boasts a wide variety of tasty, chocolate-coated treats for gamers to indulge in. On every spin, there’s a possibility of Guaranteed Scatters. This increases the chances of activating the Bonus Feature and provides an exciting experience for the player, blending the excitement of the chase with the slot mechanics.

To activate the Bonus Feature, players need to hop across the reels and get three Easter Eggs Baskets. If successful, the feature will award players with three Free Spins.

In this feature, each symbol landed resets the counter back to three. Players can win instant prizes, Multipliers, or get the Fox or Benny Bunny symbol. If gamers win the Instant Prize, their win will be added to the Cash Pot. If they get the Benny Bunny symbol, they’ll will be awarded the Cash Pot. On the other hand, if they get the Fox symbol, the Cash Pot will be reset. If both symbols are present, players have the chance to win a large payout.

If both Benny Bunny and the dastardly Fox land at the same time, Benny will fight off the Fox and reward players with the Cash Pot, resetting the spins to three. The Bonus Feature will end after three consecutive Free Spins without The Bunny or an Easter Egg landing on the reels.

Games Ambassador at Play’n GO, Magnus Wallentin said: “At Play’n GO we love a quality seasonal title, and Easter Eggspedition is just that. This slot is jam-packed with quality features, including the narrative-driven Cash Pot features that pits the Fox against Benny Bunny, Guaranteed Scatters and the Instant Prizes feature, making this title well and truly immersive.”

With a wide array of features, tight animation and an immersive theme that can be enjoyed all year round – Easter Eggspedition is the full package.

Continue Reading

Latest News

Games Global and Neon Valley Studios search for Genie’s Arabian Riches™

Published

on

Games Global and Neon Valley Studios search for Genie’s Arabian Riches™
Reading Time: 2 minutes

 

Studio delves into a whole new world with its feature-filled release

Games Global’s exclusive studio Neon Valley Studios, unveils Genie’s Arabian Riches™, its latest pay anywhere slot which promises to transport players into a world of enchantment and legends.

A charming genie host welcomes players to a 6×5 grid, providing ample opportunities for players to discover hidden treasures. Every spin unleashes a cascade of magic carpets, swords, and jewels, with eight or more matching symbols landing anywhere on the reels awarding a win.

Triggered on every win, Rolling Reels™ sees winning combinations vanish as if by magic to make way for new symbols, offering the chance to claim consecutive treasures.

The Multichase™ rolling multiplier mechanic awards multipliers ranging between 2x and 100x the bet, giving players the opportunity to increase their winnings with each spin. The multiplier symbols remain on the reels until all Rolling Reels™ conclude and they may be randomly upgraded during a spin.

For even bigger winning potential, the Rising Rewards™ free spins multiplier accumulates multipliers in a dedicated meter, offering even more exciting and immersive gameplay.

Landing four or more dazzling lamp scatters summons up 10 free spins, during which players can retrigger additional free spins for even more opportunities to win big.

With Neon Valley Studios’ widely acclaimed title Asgardian Fire™ to live up to, Genie’s Arabian Riches™ builds upon the studio’s expertise in Vegas-style games, with innovative features designed to thrill and engage players.

Part of the MahiGaming Division, evoking the buzz and glamour of the Vegas strip, Neon Valley Studios is determined to draw inspiration from the gaming capital of the world to develop highly entertaining story-driven slots.

Alexander Monsma, Senior Business Development Manager at Neon Valley Studios, said:Genie’s Arabian Riches™ transports players to a world where dreams and riches intertwine, and we are thrilled to work alongside Games Global in the release of this title.

“With Rolling Reels™ and multipliers of up to 100x, every spin offers the chance for players to unlock incredible rewards and experience the magic of Arabian legends.”

Andy Booth, Chief Product Officer at Games Global, said: Genie’s Arabian Riches™ is a testament to Neon Valley’s continued innovation.

“With its plethora of features including unlimited multipliers and Rolling Reels™, we believe this game will captivate players around the globe.”

Continue Reading
Advertisement
Alpha Affiliates
Advertisement

EveryMatrix

Advertisement

Launch your iGaming business swiftly and effortlessly with our comprehensive turnkey solutions

Trending

Get it on Google Play

EuropeanGaming.eu is a premier online platform that serves as a leading information hub for the gaming and gambling industry. This industry-centric media outlet reaches over 200,000 readers monthly, providing them with compelling content, the latest news, and deep-dive insights.

Offering comprehensive coverage on all aspects of the gaming sector, EuropeanGaming.eu includes online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant virtual meetups and conferences, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - European Gaming is part of HIPTHER. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.