Cherry hails quick turnaround under new management
CEO tells investors the firm’s new management has reversed its negative profits trend and will meet 2017 forecasts
Cherry has confirmed it met its forecast for the 2017 financial year thanks to new measures from its recently installed management team.
In November the operator dropped its revenue expectations from MSEK 2500 (£223.5m) to MSEK 2200 (£196.6m) following a period of integration issues with the group’s online arm ComeOn.
The firm also appointed a new management team, with ComeOn managing director Jonas Wåhlander departing and Tomas Johansson taking the top job on an interim basis.
And Cherry CEO Anders Holmgren said this morning the operator has met it profit forecast of MSEK 400 (£36.1m) thanks to the work of the new team.
Holmgren said: “The end of the year developed according to our expectations with all companies showing good growth in sales and earnings.
“In addition, ComeOn’s new management has implemented measures that, in a very short time, reversed the negative trend we saw in the middle of the year,”
“Management is now working to increase revenue and maintain profitability, and will realise further synergies in 2018,” he added.
At the time of writing, Cherry’s share price was up 0.75% to 53.60SEK. The firm will not issue a forecast for 2018.