European growth boosts Net Entertainment

netent net entiGaming Business – Online casino games provider Net Entertainment has cited its success in the European market as one of the main drivers behind year-on-year growth in revenue and operating profit during the three months to March 31, 2014.

The company posted revenue of SEK188.4 million (€20.7 million/$28.7 million) in the first quarter of 2014, an increase of 26.7% on the SEK148.8 million achieved in the corresponding period last year.

Net Entertainment also reported a jump in operating profit, which grew from SEK41 million in Q1 of 2013 to SEK51.2 million in the latest quarter.

Elsewhere, operating profit dropped slightly from the 27.5% last year to 27.2% in the first quarter of 2014 while profit after tax increased to SEK46.1 million, up from SEK33.8 million in 2013.

During the quarter, Net Entertainment was able to strike a number of key deals, including a partnership with online gaming systems and software provider GameAccount Network in a move that helped strengthen its presence in the Italian market.

The company also agreed six deals with customers for delivery of mobile games while 10 customers launched mobile games during the first quarter.

In addition, Net Entertainment also signed 10 agreements for the delivery of its live casino and four customers were able to launch live casino during the period.

Per Eriksson, president and chief executive officer of Net Entertainment, said: “Net Entertainment had a very good start in 2014 with a growth of 26.7% while strengthening its position in Europe by signing several new customer agreements and launching several new games.

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