Profits Up At Cherry Online Gambling Group
Published: Saturday, February 18, 2006 Online-Casinos.com
SALES AND PROFITS UP AT CHERRY ONLINE GAMBLING GROUP
Good fourth quarter and full 2005 results announced by Cherry Online Casino
Gambling Group
The Swedish online gambling group Cherry, which recently rearranged itself
into three seperate operations has reported good numbers for its fourth quarter
and full 2005 year.
Sales for the quarter increasing 46 percent to Swedish kroner 136 million (about
GBP 10 million) compared with the same period for 2004. SEK42 million flowed
from the acquisition of online sportsbetting company Betsson. Over the
12-month period to the end of 2005 sales grew by 45 percent to SEK452 million,
with Cherry Online and Net Entertainment bringing in SEK121 million.
Cherry's restructuring last year divided the group into three: Cherry Online,
which includes gaming portal Betsson and CasinoEuro.com; Net Entertainment,
a turnkey provider and gambling software developer; and gaming machines provider
Cherry Casino. These three divisions will each be independently listed, Cherry’s
board confirmed - the three business entities will be split into three independent
listed companies.
Operating profits for the quarter were SEK 14 million, Net Entertainment reporting
60 percent increase in profit and Cherry Online SEK 8 million profit compared
with a SEK 2.8 million loss for the same period in 2004. Operating profit for
the 12 months period SEK 46 million with Cherry’s internet-related activities
reporting an increase in operating margins of 25 percent.
Overall profits after tax were SEK 178 million, up by SEK 12 million on the
previous year.
Highlights in the report included the announcement that Betsson had achieved
and surpassed its annual objective of 200 000 registered customers by the end
of 2005, with 242 000 registered players as of 31 December, although the number
of active players was 36 000.
186 000 players were registered on Betsson's poker platform by end of 2005,
a 28 percent increase compared with 145 500 at the end of Q3. The number of
active poker players grew 47 percent to 30 900. The results from Betsson's mobile
poker operation were also interesting, with Betsson signing up 2 100 customers
for real money play.
Betting exchange and online casino numbers were encouraging, too: the number
of betting exchange players rose by 32 percent to 4 300 by year-end and active
casino players on the Betsson portal was 7 600 as the year came to a close,
compared with 6 200 in September 2005. CasinoEuro player registrations reached
203 700, 8 300 signing up in the fourth quarter.
Revenue for Cherry’s online casinos was SEK 15 million for Q4 and SEK 48
million for the 12 months.
Relaterd Pages at Online-Casinos.com:
- Cherry Online Casino Review
- Speedbet Online Casino Review
- Casino Domain Review
- Casino Euro Online Casino Review
