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Cherry Interim Report January–March 2018

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Cherry Interim Report January–March 2018
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Strong growth and earnings performance

FIRST QUARTER
• Group revenue increased by 26 percent to SEK 681 million (541), with organic revenue growth amounting to 25 percent (44).
• Profitability improved and EBITDA increased by 131 percent to SEK 192 million (83) and the EBITDA margin was 28 percent (15).
• Profit for the period amounted to SEK 89 million (36).
• Earnings per share before and after dilution amounted to SEK 0.96 (0.24) and SEK 0.96 (0.24).
• On 1 January 2018, ComeOn acquired Get Lucky Ltd.
• On 29 January 2018, Game Lounge acquired the website Slottracker.com.

EVENTS AFTER THE END OF THE PERIOD
• On 12 April, Game Lounge acquired the SEO specialist TodaysWeb.
• On 16 April, the owners of Cherry’s senior secured bond loan 2016/2020 of up to EUR 200 million (ISIN SE0008321616), established the proposed Group internal restructuring schedule.
• On 25 April, Lahcene Merzoug was appointed new Managing Director of ComeOn.
• On 26 April, Cherry announced a revised date for its Annual General Meeting: 30 May 2018.
• On 30 April, Cherry called on the option to acquire an additional 7.5 percent of the shares in Almor Holding Ltd, including the brands Sunnyplayer and Sunmaker. Following the acquisition, Cherry holds 90.0 percent of the shares in Almor.

Comments by the CEO

We can look forward to another eventful year

The first quarter of 2018 shows that Cherry’s business model yields good results. Growth continued with increased profitability, and we see good prospects for 2018 becoming a good year for Cherry’s shareholders.

Cherry’s business concept is to create shareholder value by owning and developing fast-growing gaming, entertainment and media companies. In 2017, we have taken steps, large and small, to strengthen existing market positions – at the same time as we have invested in the future. I am proud of the entrepreneurial power of the employees within all of the Group’s companies. This is one of the most important reasons for being able to offer our customers good products as well as for having a stable financial basis for continued development.

The first quarter of 2018 was a good start to the year, and I see good prospects of this year becoming an eventful one. There are ongoing efforts within Cherry’s business areas to launch several new products that we believe will create interest among existing customers. Equally important are the efforts several of the companies are making in new market segments. For our industry as a whole, 2018 will be a year with several significant events. We are seeing ongoing discussions regarding regulation of the gaming market in different countries, legislation that in various ways affects the gaming companies operating in the industry, as well as customer demand and expectations that are changing faster than ever before.

STRONG DEVELOPMENT IN THE BEGINNING OF 2018

The Group’s revenue in the first quarter of 2018 increased by 26 percent, of which 25 percent was organic growth. EBITDA increased by 131 percent, from SEK 83 million to SEK 192 million. In addition to the continuous work to strengthen profitability, this improvement is mainly due to ongoing efficiency enhancement measures within ComeOn, a company in the business area Online Gaming. The business area’s revenue for the first quarter increased by 18 percent compared with the corresponding quarter in 2017, while earnings improved significantly, from SEK 57 million to SEK 143 million, an increase of 151 percent.

After the end of the period, ComeOn has appointed Lahcene Merzoug new Managing Director. I am pleased that the company has found a strong candidate for this important position and look forward to welcoming Lahcene. I am also glad that the Interim Managing Director, Tomas Johansson, will stay on as advisor to the Cherry Group, supporting Lahcene and the company’s management group as well as contributing to strengthening and broadening Cherry’s position as an innovating and fast-growing company with operations in gaming, entertainment and media.

All companies are developing well, and I particularly want to highlight the turnaround that ComeOn’s new management has accomplished in a short time, as well as Yggdrasil Gaming, which has continuously delivered games and tools that have set the standard, and which all established gaming operators must have in their offering. Yggdrasil had a significant market presence at the industry’s biggest meeting event, ICE, in London, and many took the opportunity to play the company’s new table game in a 3D environment. The third company that is developing particularly strongly is Game Lounge, which has strong organic growth and has made some additional acquisitions, such as Slottracker.com and, in April, search engine specialist TodaysWeb.

In the coming months, Highlight Games will launch its game, SOCCERBET, in Italy, which is one of Europe’s largest gaming markets. The game is a sportsbook based on a unique combination of filmed clips from European league football and can be played both online and in game stores, closely approximating the feeling of watching live football matches. We expect the game to reach both existing and new customer categories and to be introduced in additional countries.

 

INNOVATIVE EFFORTS
With its curiosity and market expertise, Cherry will strengthen and develop its position within gaming, entertainment and media. We want to be the obvious partner for entrepreneurs working in this industry. Cherry can offer a strong platform and support for ideas and products, from start to market launch as well as establishment of a sustainable and long-term business. I look forward to participating in Cherry’s ventures to create many new business opportunities and companies that will continue to lead the development as Cherry has done since its inception in 1963.

MARKET OUTLOOK

The gaming market is currently growing strongly and Cherry estimates that demand in the Group’s largest geographic markets will continue to develop favourably. The Group continuously studies conditions for new business within the related business areas and geographic markets in and outside of Europe.

The Group’s focus is on creating shareholder value by being an active participant in the development of new and existing companies within the gaming, media and entertainment sector. The objective is for the companies to become market leaders in their respective areas by building their core values of entrepreneurship, responsibility and commitment. These are important prerequisites for the Group to be able to achieve its financial targets and to continue its successful profitable growth, through both organic growth and acquisitions, in existing and new verticals, and geographic markets.

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Fast Track welcomes PolarLotto: taking online lotto in Sweden to new heights

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Malta, 28th March 2024 – PolarLotto, a leading provider of lotto betting services in Sweden, has just announced a strategic partnership with Fast Track, a leading provider of CRM solutions designed specifically for the iGaming industry. This collaboration aims to propel PolarLotto’s expansion from offline to online offerings, bringing the excitement of the world’s biggest lotteries to Swedish players in a safe and responsible manner.

PolarLotto prides itself on its commitment to transparent and ethical gaming practices, with a focus on player safety and responsible gaming. By teaming up with Fast Track, PolarLotto aims to leverage cutting-edge technology to expand its business model from traditional to online, ensuring a seamless and engaging experience for its customers.

Commenting on the partnership, Benjamin Burstein, CEO of PolarLotto, expressed enthusiasm about the possibilities ahead, stating, “We are excited to embark on this journey of transforming our business with the latest technology and automation tools provided by Fast Track. As we transition to the online space, we are confident that Fast Track’s expertise in custom segmentation, real-time data capabilities, and personalised experiences will enable us to better serve our players and achieve our business objectives.”

Fast Track also expressed confidence in the partnership, highlighting the potential for exceptional results through its Singularity model, which uses AI and machine learning to deliver tailored content to players, at the right time and through the most effective channel. “We are thrilled to partner with PolarLotto and support their online expansion,” said Simon Lidzén, CEO and co-founder of Fast Track. Our tools are designed to empower lean teams to achieve remarkable results, and we look forward to helping PolarLotto maximise their online presence and engagement.”

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Red Bull Gaming premieres ‘Memories of CS:GO’ documentary highlighting the game’s early years

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As the CS2 PGL Major in Copenhagen is set to kick off, Red Bull Media House will unveil a captivating feature-length documentary, “Memories of CS:GO – The Early Years,” an ode to one of the most influential games ever made.

This film takes viewers on an immersive journey through the origins and evolution of Counter-Strike: Global Offensive (CS:GO), featuring personal accounts and defining moments from several of the most legendary figures of the game.

The 90-minute documentary, narrated by Counter-Strike commentator Henry “HenryG” Greer, chronicles the remarkable trajectory of CS:GO, from its grassroots beginnings to becoming a global esports phenomenon.

Produced by Red Bull Media House, the film captures the essence of the game through the eyes of its most well known players, including Olof “olofmeister” Kajbjer Gustafsson, Patrik “f0rest” Lindberg, Richard “shox” Papillon, Gabriel “FalleN” Toledo, and Jarosław “pashaBiceps” Jarząbkowski, among others.

The documentary’s release is timed to precede the playoff stage of the PGL Major Copenhagen, scheduled for March 26, 2024. It will premiere on Red Bull Gaming’s YouTube channel at 21:00 CEST, offering viewers worldwide an insider’s perspective on the beloved game.

Event Details:

  • What: Premiere of “Memories of CS:GO – The Early Years”
  • When: March 26th, 2024, at 21:00 CEST
  • Where to watch: Red Bull Gaming’s Youtube Channel
  • The “CS:GO Memories” documentary can be viewed shareit.redbull.com

 

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Ten Square Games ready for a new development opportunities in 2024

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2023 ESPI package

The following documents in pdf format are equivalents of the official Consolidated Financial Statement which were reported in ESPI (download in the zip file above)

2023 Consolidated Financial Statement

2023  Management Board Report on Activities

Independent Auditor’s Report on the Audit of Annual Consolidated Financial Statements

Link to the stream

Link to the chat with individual investors

Presentation

Factsheet

Financial data

Transcription of the conference and Q&A session

For complete press release visit tensquaregames.com

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