NetEnt chief anticipates ‘exciting’ year after substantial Q1 growth

NetEnt chief anticipates ‘exciting’ year after substantial Q1 growth

Tuesday, April 19, 2016 Totally Gaming
NetEnt chief anticipates ‘exciting’ year after substantial Q1 growth

After revealing widespread financial growth across the business during the first quarter of the year, Per Eriksson, chief executive and president of NetEnt, has said the company is set up for an “exciting” year, with plans to further expand its service offering.

Revenue in the three-month period came in at SEK345.4m (€37.6m/$42.6m), up 33.7 per cent on the total posted last year.

Operating profit climbed 56.6 per cent to SEK128.1m, while earnings per share also increased from SEK1.86 to SEK3.04. NetEnt also noted success in terms of profit after tax, which hiked by 64.1 per cent to SEK121.7m, while operating margin jumped to 37.1 per cent.

With NetEnt also confirming nine new licence agreement, as well as eight new customer casino launches in the period. Eriksson says that the company is now set up to secure further growth throughout the remainder of 2016.

“We have had a strong start to the year with high growth in revenues, profits and cash flow,” Eriksson said. “We follow our growth strategy and the expansion in Europe and North America continues.

“We also extended our collaboration with PokerStars and went live with our games on their site in the state of New Jersey. We have successfully signed up all gaming operators in New Jersey and have quickly gained market share and traction with our games there, which is good for our future growth not only in New Jersey, but also in other US states if and when they decide to reregulate the online gaming market.”

Eriksson also said that the firm’s ongoing growth and expansion strategy will be supported by its new ‘NetEnt Rocks’ gaming concept, which launched in January and has already seen new games rolled out.

He said: “In January we released the much-anticipated slot game Guns N Roses, which became our most successful game release so far. The game is part of our new concept NetEnt Rocks, which also includes upcoming games based on music and graphics of Jimi Hendrix and Motörhead.

“We have an exciting year ahead of us and I am positive about the future.”

TotallyGaming.com says: “NetEnt’s impressive first-quarter results come after the company also achieved widespread growth in 2015. New deals and launches, as well as the roll out of the new ‘NetEnt Rocks’ concept, could help NetEnt claim even further success as the year progresses.” 

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