Online gambling software developer Net Entertainment this week announced its performance results for the previous six months ending June 30, 2011.
The developer's results were mixed with an overall increase in revenue, but with lower numbers reported for operating profit, operating margin, and profits after tax when compared with the first half of 2010.
Net Entertainment also announced that the company's foray into mobile gambling games is progressing, with the first games launching by the end of the year. Also of interest to investors is Net Entertainment's arrival in the Italian market. The software group has agreements in place with bwin.it, Microgame, Intralot and Gioco Digitale, all of whom operate in Italy, and has plans to launch its games with these operators once final approval is granted by AAMS, the regulating body for the online gambling industry in Italy.
Net Entertainment CEO Johan Öhman issued formal comments on the report and stated, "Overall Net Entertainment is well positioned and I expect we will see the results from the investments we have made in the business in the coming quarters."
The company's key numbers in the report were as follows:
Increase in Revenues by 10.2% to SEK 195.1 million (H1/2010: SEK 177.1 million)
Operating profit of SEK 53.5 million (H1/2010: SEK 68.6 million)
Operating margin was 27.4% (H1/2010: 38.7%)
Profit after tax amounted to SEK 48.0 million (SEK 61.4 million)
The period under review resulted in two new license agreements and the launch of four new customer's casinos.
For the complete report, which features expanded commentary from Mr. Öhman, visit: http://www.netent.com/about/press-releases/?lang=en&id=562951