NetEnt powers on with 33% revenue rise

NetEnt this morning posted a 33% rise in full-year revenues and a 54% hike in operating profits following a year which saw it launch with 37 new customers and debut in the US market.

Total revenues for the 12 month period ended 31 December were SEK1,132.4m (?93m) with operating profit of SEK401.6m (?33m), an increase of 54% on the previous year.

Full-year numbers were boosted by a strong Q4, with year-on-year revenues across the three months up 34% to SEK323.1m (?27m).

Operating profit was also on the rise, up from 30.7% to 35.5% across the year.

NetEnt launched casino products with 37 new customers during the 12 months, with the likes of Gala Coral and Codere joining its roster of clients, while the firm also made its US debut after it gained a licence for the regulated New Jersey market.

“We continue to deliver on our long-term strategy for profitable growth with new products, new customers and new markets,” Per Eriksson (pictured), NetEnt chief executive, said.

“The expansion in New Jersey continues according to plan and during the quarter we launched Golden Nugget, Caesars Interactive and Resorts Casino.

“We also signed Gamesys US for the brands of Tropicana and VirginCasino in New Jersey, meaning that we have customer agreements with all the major online operators in the state,” he added.

NetEnt revealed it had hired former Betsson Technologies CEO and King senior director of engineering ??sa Bredin as its new chief development officer late last year and said it planned to move into new Stockholm offices by the end of 2016.

NetEnt’s share price was up almost 7% to SEK443.10 after early morning trading.