Record revenues for NetEnt
Software provider reaps benefit of 10 new deals in first half of 2012.
Net Entertainment has seen revenues reach an all-time high after a 33% year-on-year increase in the first half of the financial year, the software provider has announced in its results for the six months ended 30 June.
Second quarter revenues climbed 32.2% year-on-year to SEK132m boosted by new supplier deals. Contracts signed towards the end of the quarter, including the one with Boylesports in May, were due to go live in Q3.
Operating profit was also on the rise, up 46% for the quarter and 49% for the half-year, with H1 profit after tax coming in at SEK71.4m compared to SEK48m in H1 2011.
The company anticipates a further boost in numbers from Italy before the end of the year as the country moves to implement new slots regulation with the planned December launch to be accompanied by the release of a number of Italian-facing slots from NetEnt. Chief executive Per Eriksson (pictured) said the company has “continued to perform positively” in Italy over the last six months.
A period of restructuring has begun since Eriksson took the helm in March following last year’s resignation of previous incumbent Johan Ãhman, with the role of CTO among those “eliminated” this year.
The CEO noted that “Several strategic projects are currently ongoing in Net Entertainment, such as Live Casino, the entry into the UK market and establishment in regulated markets,” describing these as “Expected to generate significant value for Net Entertainment in the future.”
Read our interview with Net Entertainment CEO Per Eriksson in July’s issue of eGaming Review. To subscribe, click here.