Swedish firm behind the CasinoModule gaming solution reveals that revenues for the fourth quarter of 2009 hit $11.45 million and $29.41 million for the entire year.
Tuesday 23rd February 2010
Swedish online gambling software provider Net Entertainment AB has released its financial results for the fourth quarter of 2009 showing a 37.8 percent year-on-year increase in revenues to $11.45 million.
The Stockholm-based firm revealed that operating profits for the three-month period increased by 16.2 percent year-on-year to $3.47 million while operating margin fell 7.7 percent to 41.4 percent.
Net Entertainment revealed that it had signed three new license agreements for its CasinoModule gaming solution over the quarter to push profits after tax up by 19.5 percent year-on-year to $3.17 million.
For the full-year, revenues increased by 46 percent compared with 2008 to $29.41 while the firm’s operating profit rose 36.9 percent to $11.78 million. Its operating margin was 2.6 percent lower at 40.1 percent with profits after tax up by 34.7 percent to $10.55 million.
“We saw strong growth at the end of 2009 with a revenue growth of twelve percent during the fourth quarter compared to quarter three,” said Johan Ohman, President and Chief Executive Officer for Net Entertainment.
“The increase was the result of organic growth by existing licensees. The number of game transactions increased by 23 percent during the same period. Combined, this result shows that there is a strong market development and demand for our products. This positive trend has continued in January.
“We have a solid order backlog comprising Expekt and Microgame, which, together with SportingBet rolling out CasinoModule on additional geographical markets, will create new license revenues.
“The implementation of Seamless Wallet is ongoing with our major licensees. This functionality enables operators to place Net Entertainment's games in other parts of the web portal than the casino and thereby offer games to a larger share of their players. This creates a foundation for increased gaming revenues from new player segments.
“CasinoCafe had positive development during the fourth quarter with increasing volumes, however, from a low level. Delta Invest continues the roll-out of CasinoCafe, which has been slower than expected with focus primarily on the Ukraine market.”
