Net Entertainment shows 16.7pc Q1 revenue increase

Net Entertainment shows 16.7pc Q1 revenue increase

Monday, April 29, 2013

Net Entertainment AB released interim financial results for the first quarter of 2013 showing a 16.7pc year-on-year increase in revenues, to SEK148.8m. The Stockholm-based gaming software developer said operating profits for the period rose by 2.2pc to SEK41m despite margins declining by 3.9pc when compared with the same period in 2012.

This left Net Entertainment with a profit after tax of SEK32.9m, a decline of almost 5pc year-on-year.

“Net Entertainment continued to show good growth and profitability during the first quarter,” said Per Eriksson, Chief Executive Officer for Net Entertainment.

“The company signed six new agreements and the number of contracts within Live Casino and mobile games continues to increase. In addition, the company continues to invest in organisation, systems and product development for future growth in a market with great opportunities.”

Net Entertainment also confirmed that it is currently in discussions with a number of new operators in the United States and Europe.

“We are looking at what opportunities can open up in the United States but do not underestimate the challenges that such an effort would mean,” said Eriksson.

“We continuously monitor the potential of new markets that are about to regulate and carefully evaluate when and how Net Entertainment can take action.”

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