Sweden’s Cherryföretagen AB has reported a 25 per cent increase in group revenues to SEK467.8.m (€53.0m) for the year ended December 31st, with the company’s online business now accounting for nearly half of total revenues.

Cherry benefited from a good performance during the fourth quarter which saw total revenues increase by 35 per cent to SEK142.4m, with online gaming revenues up by 30 per cent year-on-year to SEK58.5m.

“Cherry's focus on growths on Online Gaming has dominated 2011, which has resulted in strong growth, with highly increased revenues and a large customer intake,” said Cherry CEO Emil Sunvisson.

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