Net Entertainment Releases Positive First Quarter 2012 ResultsThe Online Casino wagering software developer Net Entertainment has released its first quarter 2012 financial results, highlighting strong growth in the first three months of the year. NetEnt Positive First Quarter Results.According to the just released report, revenues for the first quarter of 2012 increased with a significant 33.9%. These revenues were heavily boosted by the company’s expansion into the recently liberalized Italian online gambling market.The operating profit of the company was SEK 40.1 million which constitutes an increase of 31.4% compared with the same period last year. The company’s profit after tax was SEK 34.6 million. Another increase was registered in the matter of game transactions which grew with 58%. Net Entertainment also announced in the report that during the first three months of 2012 the company signed three new license agreements and two of its customers launched two new online casinos that use the Net Entertainment software. The company also signed a total number of 11 new agreements for its Touch Mobile product. With this, at the moment a total number of 14 online gambling sites use the mobile casino product developed by Net Entertainment.
Commenting on the company’s performance, Net Entertainment CEO Per Eriksson said:“The development for Net Entertainment has been positive during the first quarter. The revenue growth is primarily a result of increased volumes with our existing customers but also due to new agreements signed and the launch of new customers.“We are also starting to see results from the investments we have made in Italy which is now the company’s third largest market, where Norway and Sweden are the two largest markets. Despite the fact that slots are not yet allowed, the development has been positive in Italy and volumes have increased. We are ready to launch slot games as soon as the gaming authority allows it.”“The number of gaming transactions continued to increase compared to last year. The number of gaming transactions is an indication of the success of our games and the demand on the market.”“The development of a Live Casino product is progressing according to plan and we plan to launch the product around the end of 2012. We have launched mobile games with three customers and signed an additional eleven new agreements for mobile during the first quarter. We plan to launch several mobile games during 2012.”“Historically, Net Entertainment has had a small presence on the UK market, which is Europe’s largest market for online games. Positive discussions are ongoing with several operators. The sales and integration process is complex and certain adjustments are needed on Net Entertainment’s platform in order to be able to integrate with the operator’s IT architecture. This development work is expected to be completed during the second half of 2012.”
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