Swedish turnkey provider optimistic as it posts increases in sales, profits and margins.

Wednesday 7th May 2008

Online gambling turnkey provider and games developer Net Entertainment has announced a good start to the year with increases in sales, profits and margins for the first quarter.

The Swedish firm stated that net sales increased by 27 percent with operating profit up by 35.1 percent. In addition, the firm’s net profit margin grew two percent over the previous quarter to finish up 36.1 percent.

'Net Entertainment achieved strong development in the first quarter with a 27 percent increase in net sales over the same period in 2007 and a 17.7 percent increase over the previous quarter,” said Johan Ohman, Chief Executive Officer for Net Entertainment.

'Profitability continues at a healthy level and the operating margin rose to 39.6 percent for the quarter. Growth is being driven by the generally strong growth in the market, successful new games and new customers opening a number of casinos in the quarter.

'Net Entertainment continues to make good sales progress and four new licence agreements for CasinoModule were entered into during the quarter. One of the agreements is with leading Internet operator, Bet-At-Home.com. In addition, a pilot order for CasinoCafe was secured.'

Ohman stated that he was optimistic about the future of the Stockholm-based company due to the growth of the online gaming market and the firm’s ability to benefit via the development of current licensees.

'Our highly competitive product portfolio and continuing focus on the development of new, innovative games also present us with excellent opportunities for entering into agreements with new customers,' said Ohman.

'I am convinced that our healthy order book, strong product portfolio and brisk pace of development provide us with excellent opportunities for continued profitable growth.'

Source: OnlineCasinoNews