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Quarterly results improve at Net Entertainment

Online gambling software developer has also announced plans to launch a range of mobile games including Jack Hammer and Gonzo’s Revenge before the end of year.

Friday 28th October 2011

Online gambling software developer Net Entertainment AB has released its interim financial results for the third quarter of the year showing a 21.7 percent year-on-year increase in revenues to SEK111.4 million ($17.57 million). Stockholm-based Net Entertainment revealed that its operating profit for the third quarter of 2011 fell by just over $15,770 when compared with the same period in 2010 to SEK34 million ($5.35 million) while its profits after tax grew just over three percent year-on-year to reach SEK31 million ($4.88 million). Net Entertainment also declared that its operating margin for the three-month period came in at 30.5 percent, which compared with 37.2 percent for the same period a year ago, while it also signed three new license agreements and launched five domains for customers during the quarter. The third quarter also saw Johan Ohman step down as Chief Executive Officer for Net Entertainment with Bjorn Krantz, the Sales Director and Chief Executive Officer for its Net Entertainment Malta Limited subsidiary, currently filling in as Acting President and Chief Executive Officer. “Taking on the position as Acting President and Chief Executive Officer for Net Entertainment during a strong quarter with several positive events has been very exciting and encouraging,” said Krantz. “Revenues increased by 21.7 percent compared to last year, which is a result of strong casino performance with existing licensees combined with the launch of five new customers in both new and existing markets. “In addition, Net Entertainment signed three new customer agreements during the quarter, one of which was G.Matica, focusing on the Italian market. “The development of mobile games has entered its final testing stage and the games are expected to be launched before year-end. Mobile games are a natural complement to our existing product portfolio, which will create a new channel for additional revenue streams. Two of our most successful slot games, Gonzo's Quest and Jack Hammer, will both be part of the initial launch. “Our strategy to establish a solid footprint in UK remains firm and as separately announced we have signed an agreement in October to provide casino games content to Sky Betting and Gaming, which will further strengthen our presence in the UK. “We follow our strategic plan and continue to invest in operational and portfolio excellence, which will safeguard our competitive edge and long-term profitable growth moving forward. I look forward to Net Entertainment's future, which holds great opportunities.”

Source: OnlineCasinoNews

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