Internet betting software developer Net Ent has announced its third quarter 2016 financial results, noting that profits were up 22.9% from the same period last year.
Key financial indicators for the third quarter ending September 30th, 2016 were:
- Revenues for the third quarter up by 27.7% year-on-year to SEK 357.4 (279.8) million;
- Operating profit up 22.9% at SEK 129.4 (105.3) million on an operating margin of 36.2 (37.6) percent;
- Profit after tax up 22.2% at SEK 119.2 (97.6) million;
- 11 new customer agreements were signed, and 8 new customers' online casinos were launched;
- Cash flow after investments was up 56% at SEK 132 million in the quarter;
- The number of gaming transactions via NetEnt systems was 8.6 billion in the quarter, a y-o-y increase of 31 percent;
- Revenues from mobile increased by 83% compared to last year and accounted for 40% of revenues in the quarter;
- NetEnt launched games with Rank Group in the UK and several clients in Romania, and rolled out its mobile live casino product for customers for the first time.
Year to date numbers for the company were:
- Revenues for the first nine months up 30.3% year-on-year at SEK 1,054.8 (809.3) million;
- Operating profit up 35.8% at SEK 380.0 (279.8) million on a margin of 36.0 (34.6) percent;
- Profit after tax up 37.2% at SEK 354.5 (258.3) million;
- 32 new customer agreements were signed and 22 new customers' online casinos were launched.
Commenting on his company's performance Net Ent CEO Per Eriksson said, "The third quarter featured continued large demand for our products and high growth. Revenues amounted to SEK 357 million and operating profit was SEK 129 million. Compared to the same period last year, revenues increased by 28 percent and operating profit rose by 23 percent. The operating margin was 36.2 percent and cash flow generation was strong. Cash flow after investments amounted to SEK 132 million in the quarter, representing an increase of 56 percent compared to last year. We signed eleven new customer agreements and launched our games with eight new customers. The number of gaming transactions in our systems was 8.6 billion in the quarter, an increase of 31 percent compared to last year."
Comments
NetEnt is maybe one of the two leading brands in game developing so anything other than a big improvement in numbers would seems strange, and I think they just improving further with those numbers.
I can definitely agree. They are one of the most powerful gaming brands and I believe their success will only continue.