NetEnt Q3 revenues soar 29% YoY
Egaming supplier also reports a 44% rise in profits after completing numerous client deals during the quarter
NetEnt today announced a 29% year-on-year rise in Q3 revenues and a 44% increase in operating profit as the supplier reaped the rewards from new client deals and a push into new markets.
Revenues were SEK279.8m (£21.7m) for the three months ended 30 September, up from SEK217.2m (£16.87m) in the previous year, while Q3 profits grew from SEK73.4m (£5.7m) to SEK105.3m (£8.2m).
The share of revenues from the mobile channel also increased during the quarter and now accounts for approximately 28% of game win in Q3 2015 compared to 16% in the corresponding period last year.
The Stockholm-listed firm’s financial results were boosted by the signing of nine new customer agreements in Q3, including a major deal with tier one operator Gala Coral, and the launch of six new customers’ online casinos.
During Q3 NetEnt’s push into the New Jersey online gambling market also gathered pace after signing a deal with bwin.party and the Borgata, adding to its previous agreement with Caesars Interactive and Golden Nugget.
NetEnt CEO Per Eriksson said he was confident the egaming supplier can maintain its current momentum as it looks to sign deals with new clients over the coming months.
“We continue to sign up new operators while the number of customers to be launched stood at 26 at the end of the quarter, which should support our growth going forward,” he said.
NetEnt’s share price was down from SEK507 to SEK492.50 on the Stockholm Stock Exchange at the time of writing.