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Net Entertainment reports 71 percent Q4 revenue growth

The Swedish online gambling software provider Net Entertainment has matched the outstanding performance of its sister company Betsson with a gilt-edged Q4 2008 set of results that showcase a 71% increase in revenues to $7.45 million, and a doubling of operational profit to $3.69 million over the corresponding quarter in 2007.

The company's operating margin increased to 49.1% from 41.9% while profits for the period increased by 96% to $3.28 million from $1.67 million.

Net Entertainment signed four new licensees for its CasinoModule solution over the fourth quarter of last year. This is in addition to the two deals it agreed last month for its CasinoCafe, which is software that allows an operator to establish a local casino operation using standard PCs from a central location with broadband access.

For the full year 2008, Net Entertainment reported that revenues increased by 56% to $24.78 million while its operating profits rose 74% to $10.63 million. Profits for the year increased by 74% to $9.69 million, helped by 20 CasinoModule license agreements with operators such as Victor Chandler, King.com and Bet-At-Home.

“2008 was a record year for Net Entertainment,” said Johan Ohman, President and Chief Executive Officer. “Our customers and shareholders can be pleased with our strong growth and it shows no signs of slowing down. December 2008 was our best month ever with regards to revenues. Our key CasinoModule and CasinoCafe products are continuing to sell well. They were improved during the year and are very well regarded by gaming operators around the world.

“Net Entertainment has entered 2009 with a product portfolio and customer base that is stronger than ever. And our accreditation from the independent industry standards and player protection organisation eCOGRA in 2008 is a quality and credibility stamp that will drive continued new sales."

Source: InfoPowa News

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