NetEnt has announced that it has had record revenue for the third quarter of 2015. The interim report for January through the end of September 2015 has shown an increase in revenue, with huge profits in the third quarter.
Interim Report Shows Profits for NetEnt
Over the first nine months of 2015, NetEnt showed a revenue increase of 32.5% up to SEK 809.3 million when compared to the same period last year that showed SEK 610.6 million. Operating profit increased by 54.3%, and the operating margin was 29.7%. Profits after tax increased by 55.5%.
In the first nine months of 2015, NetEnt signed 29 licensing agreements with new customers. During this time, 21 NetEnt customers launched their casinos.
The third quarter of 2015 showed a revenue increase of 28.8% when compared to the same quarter last year. Operating profits increased by 43.5%, and the operating margin was 37.6%. Profits after tax increased by 44.5%.
In the third quarter of 2015, there were a number of notable events for NetEnt. The digital entertainment company signed nine new licensing agreements over the three month period, while six new customers launched their casinos. NetEnt inked a customer agreement with Gala Coral in the United Kingdom. Another customer agreement was signed with the Golden Nugget in New Jersey in the United States. NetEnt launched games in New Jersey for the first time. Transactional waivers were granted for both Borgata and bwin.party in New Jersey. The first real money games launch in the United States took place via Borgata.
NetEnt’s CEO Comments
Per Eriksson, the President and Chief Executive Officer of NetEnt, commented on the positive financial results. He said: “The third quarter featured new record levels in both revenues and profits. We reached a historic milestone as our games became available on the regulated market in New Jersey, USA, for the first time.”
Eriksson noted that a key part of the company’s growth strategy is expansion into regulated markets. The entry into the New Jersey market is now on the fast track. He explained that the transactional waivers that were granted in New Jersey have allowed NetEnt to launch real money games with Borgata, and that both the Golden Nugget and Caesars Interactive will soon offer NetEnt games.
NetEnt is in the process of expanding in a number of different ways. Eriksson said: “We continuously attract core competencies to all our offices and in the third quarter we also initiated the process of opening a new office for game development in Krakow, Poland. We are doing this to add more capacity in order to meet the demand for our products.”