Swedish online gambling software provider has revealed that profits after tax for the first quarter of 2009 rose by 106.9 percent to $3.96 million.
Thursday 28th May 2009
The Stockholm-based firm revealed that its operating profits increased by 74.6 percent year-on-year to $3.68 million from $2.1 million while its operating margin rose to 43 percent from last year’s 39.6 percent.
Most significantly, profits after tax rose by a massive 106.9 percent to $3.96 million from $1.91 million, helped by the signing of three new license agreements for its CasinoModule software solution alongside two breakthrough deals for its CasinoCafe land-based gaming system.
”This year is off to a strong start for Net Entertainment with continued sales growth and several new license agreements,” said Johan Ohman, President and Chief Executive Officer for Net Entertainment.
“The market for online gaming shows positive development where organic growth was the prime driver for the company during the period.
“We move into the second quarter with an order book comprising 14 casinos that still are to be commissioned, of which three are so-called ‘Tier One’ operators.
“It is my view that the company has good opportunities for continued success as a result of our specialisation within the segment of the online market with the highest growth and strongest profitability.
“The IT project initiated at the end of 2008 aimed at increasing our development, delivery and operational capacity has progressed according to plan and affected the cost base during the first quarter. The project continues during the second quarter and creates a foundation for the continued growth and expansion for the company.”
