Revenues and Profits Up at Netent

Good result in both quarterly and YTD numbers from Swedish provider

November 3, 2008 (InfoPowa News) — The Swedish-listed online gambling software provider Net Entertainment has turned in another sterling set of quarterly and year-to-date results, with rising after-tax profits and substantially improved revenues.

Highlights in the Year To Date numbers for the nine months to end September include:

• Revenue for the nine-month period increased by 50 percent to SEK 143.0 (95.1) million.
• Profit after tax rose by 65 million to SEK 52.8 (32.1) million
• Operating margin was 40.0 (37.0) percent
• 16 new license agreements.

And for the third quarter 2008:

• Revenues increased by 63 percent to SEK 52.6 (32.3) million.
• Profit after tax rose by 104 percent to SEK 19.9 (9. million.
• Operating margin was 42.2 (32.9) percent
• 8 new license agreements

Chief Executive Officer Johan Öhman said: “Net Entertainment is continuing to evolve strongly. The primary driving force is volume growth with our existing customers and the infusion of new. The games and [software] functionalities that the company has launched have strongly contributed to the success. Development during the second and third quarter is characterized by a lower seasonal effect compared to previous years. We see no tendencies for a slowdown in the market growth for online gaming and the fourth quarter has started off strongly.

Head over to the CAP Newswire for the full story.