Net Entertainment reports 65% profit increase

Software provider Net Entertainment has reported another set of strong results for the half year to June 30th 2009, with revenues, profits and margins all up. H1 revenues climbed 53% to SEK138.8 million (H1,2008: SEK90.9 million), whilst operating profit rose 59% to SEK54.9 million and profit after tax soared by 65.4% to SEK54.5 million.

The company also reported operating margins up 0.8% to 39.5%, and EBITDA of SEK25.3 million, up from SEK18.3 million

A lucky online gambler impacted the firm's Q2 cashflow by winning a SEK 47.3 million jackpot, one of NetEnt's largest yet and paid out in a lump sum.

On the personnel front, the company reported the hiring as COO and md for sales and marketing of Björn Krantz, who takes up his responsibilities in Malta on September 1st.

New licensees during the review period included Nordic operator Paf, which ordered download and browser-based versions of Net Entertainment's CasinoModule in a four year deal. The company is also gearing up for the launch of its CasinoCafé product, and expects orders for CasinoModule from Paf, Expekt and Sportingbet to boost revenues.

Source: InfoPowa News