Sweden based online gambling software developer Net Entertainment released its Full Year 2011 financial results, highlighting a very strong performance and announcing plans for the future.
Increase in Revenue of 16.1% amounting to SEK 427.6 million (FY2010: SEK 368.3 million).
Operating profit decreased by 4.9% to SEK 129.7 million (FY2010: SEK 136 million) - affected by costs amounting to SEK 6.7 million due to the departure of senior executives.
Operating margin 30.3% (FY2010: 37%) - Excluding the cost of executive departures, the Company’s operating margin was 31.9% for the full year 2011.
Profit after tax amounted to SEK 115.6 million (FY2010: SEK 120.5 million)
Earnings per share amounted to SEK 2.92 (FY2010: SEK 3.05) before and after dilution
Seven new license agreements signed, including G.Matica and Sky Betting & Gaming.
Eleven new customers’ casinos launched
Number of game transactions grew by 41.7% to 8.6 billion - largely attributed to slot games
The Group’s cash and cash equivalents amounted to SEK 74.2 million (FY2010: SEK 47 million) on December 31,2011.
Björn Krantz, Net Entertainment's Acting President and CEO From August 2011 to Feburary 2012 issued comment on the company's performance, saying: "All in all, 2011 was a fantastic year for Net Entertainment with continued strong organic growth in combination with strategic initiatives, and I am very excited about the future which holds great opportunities for the Company."
:Per Eriksson, Net Entertainment's current President and CEO who took over in March also commented, saying: "With Net Entertainment’s focus on customer closeness, product and technology leadership the Company is well positioned for the future and it will be very exciting to take the Company to new ground together with our skilled and motivated employees".
The company announced that they are releasing a new Live Casino, which is poised to be released during the fourth quarter of this year. The company also announced plans to enhance its mobile gaming portfolio which was recently launched to great fanfare.