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Increased volumes aid Net Entertainment growth

Online gambling software developer has reported that its revenues for the first quarter of 2012 rose over 33 percent year-on-year to top $18 million.

Friday 27th April 2012

Online gambling software developer Net Entertainment AB has released its interim financial results for the first quarter of 2011 showing that revenues increased by 33.9 percent year-on-year to $18.97 million (SEK127.5 million). Stockholm-based Net Entertainment revealed that its operating profit for the three-month period rose over 52 percent year-on-year to $5.96 million (SEK40.1 million) from a margin that had improved 3.8 percent to 31.4 percent. All of this saw the Swedish firm report a profit after tax for the first quarter of $5.14 million (SEK34.6 million), which was a 51 percent improvement when compared with the same period last year. During the first quarter, Net Entertainment announced that it had signed agreements with eleven operators for the delivery of its NetEnt Touch mobile product, which took the total number of deals for the technology to 14 with three currently live. “During the first quarter development of the mobile platform was initiated to be compliant with Android units,” read a statement from Net Entertainment. “In addition, development of several new mobile games has been initiated, which will be launched during 2012.” Net Entertainment declared that the revenue increase for the first quarter of 2012 was ‘mainly derived from increased volumes’ that had been ‘primarily driven by existing customer’s growth and new customer agreements’. “The development for Net Entertainment has been positive during the first quarter,” said Per Eriksson, President and Chief Executive Officer for Net Entertainment. “Revenues increased by 33.9 percent and operating profit increased 52.4 percent compared to the same period the previous year. The revenue growth is primarily a result of increased volumes with our existing customers but also due to new agreements signed and the launch of new customers. “We are also starting to see results from the investments we have made in Italy, which is now the company’s third largest market where Norway and Sweden are the two largest markets. Despite that slots are not yet allowed, the development has been positive in Italy where volumes have increased. We are ready to launch slot games as soon as the gaming authority allows it. “The number of gaming transactions continued to increase and amounted to three billion in the first quarter, which represents an increase of 58 percent compared to last year. The number of gaming transactions is an indication of the success of our games and the demand on the market. “Several strategic initiatives have proceeded during the first quarter which will continue during 2012. During the first quarter we launched Betsson, Unibet, Bet24, Scandicbookmakers and Danbook on the recently regulated Danish market. We also signed an additional agreement with an existing customer for delivery of Net Entertainment’s casino in Denmark. “Historically, Net Entertainment has had a small presence on the UK market, which is Europe’s largest market for online games. Positive discussions are ongoing with several operators. The sales and integration process is complex and certain adjustments are needed on Net Entertainment’s platform in order to be able to integrate with the operator’s IT architecture. This development work is expected to be completed during the second half of 2012. “With new games under development in combination with ongoing strategic initiatives, Net Entertainment has a solid position going into an exciting future.”

Source: OnlineCasinoNews

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