Financial Results for Online Gambling Provider

20 July 2012 – By Jane Spiegel

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Net Entertainment is an important Swedish online gambling software provider that reported record revenues for the first six months of 2012. According to the financial results, revenues for the first six months increased by 33.0 percent to SEK 259,5 million, operating profit amounted to SEK 79.7 million, operating margin was 30.7 percent, profit after tax amounted to SEK 71.4 million and earnings per share amounted to SEK 1.80 before and after dilution. Besides that, ten new license agreements were signed and eight new customers’ casinos were launched in the first six months of 2012.

The software provider company attributed its impressive growth to increased volumes primarily driven by existing customers’ growth and new customer agreements signed. Also, the amount of set-up fees for the quarter contributed positively to the revenue increase recorded by Net Entertainment. The average bet level during the quarter increased and game transactions increased by approximately 53 percent compared to the same period in 2011, which also affected revenues positively.

The company’s CEO, Per Eriksson, said the company's progress was good, with operating profit up by 46 percent compared to the same period last year. He added that Net Entertainment had undergone some reorganization in order to improve speed and efficiency. This step resulted in non-recurring costs of SEK 2.5 million in the second quarter. Eriksson also revealed new strategic projects that are expected to generate significant value for Net Entertainment in the future. These projects include Live Casino, the entry into the UK market and establishing a presence in regulated markets. Also the company’s representatives stated that Net Entertainment will continue to invest as new opportunities arise.

The mobile sector is another area of interest for Net Entertainment. The company’s CEO said that the launch of mobile games has been successful and there was strong growth in this area, albeit from low levels as the launch took place in December 2011. During the quarter, development of mobile games for Android units continued and Net Entertainment has now launched two customers. Also, the Italian market continued to perform positively for Net Entertainment clients, influencing in a positive way the company’s revenues.

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