Popular supplier of online casino content NetEnt released its interim report for the first quarter of 2015. Revenue increased more than 37% year-on-year to SEK258.3 million compared to SEK188.4 million posted a year ago.
Operating profit was up 59.8% and totaled SEK81.8 million. Operating margin of 31.7% was posted for the first quarter of 2015, compared to 27.2% for the same period of 2014. The company reported a 60.9% increase in profit after tax to SEK74.2 million.
Earnings per share for the three-month period ended March 31 reached SEK1.86 before dilution and SEK1.86 after dilution.
Per Eriksson, Chief Executive Officer of NetEnt, commented on the growth in both revenue and profits as a record one. He attributed the strong start of the year to the innovative gaming solutions the company offers to its customers as well as to the expansion of its operations on both new and existing markets.
Mr. Eriksson further pointed out that their growth strategy includes the introduction of their operations on regulated markets and that the gaming supplier took two very important steps towards its goal during the first quarter of the year. It signed an agreement with the Danish government-owned provider of gaming services Danske Spil, which is also member of the World Lottery Association (WLA), towards the end of March. This partnership would give NetEnt the opportunity to expand its business on the global WLA market.
Furthermore, NetEnt was awarded local licenses from the UK Gambling Commission. Gamesys was one of the British online gambling operators the company inked deals with.
The executive noted that they are ready to “seize new business opportunities” on the constantly growing casino market.
Apart from the expansion in Denmark and the UK, NetEnt signed several more key agreements during the first quarter of 2015. In March, the company announced its partnership with Spanish gaming operator Codere, which has recently entered the online casino market.
NetEnt also announced that licensing in New Jersey goes according to plan and that it expects to start offering its services and products in the state by the second half of the year.
The company released new games during the reported period and promised that it is to further expand its portfolio with titles that would be developed in HTML5. NetEnt also announced its collaboration with Universal on the development of a video slot game that would be based on the music of Guns N’ Roses.
