Swedish internet betting firm Net Entertainment has released its third quarter 2014 financial results, noting record increases in revenues and operating profit.
Key financial indicators for the third quarter of 2014 were:
Revenues for the third quarter increased by 41.8 percent to SEK 217.2 (SEK 153.1) million;
Operating profit was SEK 73.4 (SEK44.5) million, an increase of 64.9 percent;
Operating margin was 33.8 (29.1) percent;
Profit after tax reached SEK 67.5 (40.2) million;
Seven license agreements with new customers were signed, seven new customers’ casinos were launched
Year to date numbers for Net Entertainment are:
Revenues for the first nine months up by 35.5 percent to SEK 610.6 (SEK450.6) million
Operating profit at SEK 181.3 (124.2) million, an increase of 46.1 percent;
Operating margin was 29.7 (27.6) percent;
Profit after tax of SEK 166.1 (113.6) million;
21 new license agreements were signed and 22 new customers’ casinos were launched
Commenting on the company's future Net Entertainment CEO Per Eriksson said, "NetEnt is driving several new large initiatives where the pace has accelerated in the third quarter. The preparations for an entry in North America have started with New Jersey as the first state in the US where NetEnt will apply for a license."
"We are also preparing the license application for Spain. I expect that the company to be live in Spain during the first half of 2015."
"We have also focused on upgrading NetEnt’s platform in 2014, work that is expected to continue during 2015. The purpose of the platform development is to secure our high hosting capacity as the company grows its customer base and to allow for a faster and more efficient distribution of new functionality and games to the operators."
"We have now launched a total of 34 customers for Live Casino. NetEnt has previously signed agreements with the largest operators in the UK, which is the largest market for online casino in Europe."
"We still have a low market share in the UK and we have high expectations on what this market can offer in terms of future growth for NetEnt."