Swedish gambling group Cherry has been boosted by a significant upturn in online figures in its interim financial results for the second quarter of 2013.
In the three months through to June 30, Cherry reported that online gambling grew year-on-year by 29% during the second quarter and deposits rose by 64%.
Group turnover increased by 15% to SEK61.6 million (€7.1 million/$9.5 million) for the second quarter and 15% to SEK121.4 million for the six months until the end of June.
However, the group generated a loss of SEK8.7 million for the second quarter and a loss of SEK11.3 million after tax for the first half of 2013.
Cherry’s chief executive officer, Emil Sunvisson, said that the company’s online gambling division was “still in the construction phase and we prioritise development of our products and the growth of the customer base, before profitability”.
Sunvisson added, “We have used all of our previous experience in order to create an optimal online gaming experience. With the help of a strong brand, working with local sports clubs and offering a unique customer satisfaction guarantee, the product has been very well received.
“With the re-launch of CherryCasino.com we can exploit Cherry’s strong brand in the Swedish market.”