NetEnt’s finances rise in encouraging Q1 report

nt hailed the success of its ongoing growth strategy in its Q1 report, posting an increase in revenue of 15.2% to SEK 398m.

Operating profit rose 6.3% year-on-year, growing to a total of SEK 136m, while operating margin came to 34.2%.

Profit after tax in Q1 was SEK 124m, rising 1.8% on the SEK 122m reported for the same three month period in 2016.

The industry supplier noted that a record 15 new customer agreements were signed from January to March, while the launch of its games in the regulated Mexican market with Spanish operator Codere was mentioned among the period’s operational highlights.

NetEnt Chief Executive Per Eriksson commented: “We continued to deliver on our growth strategy in the first quarter and revenues increased in line with our earlier comments about the quarter.

“For the first time, NetEnt’s games were launched on the regulated market in Mexico and the company announced that the first game for virtual reality will be developed in 2017.

“For the rest of 2017, we see conditions for continued solid growth supported by new games, increasing market shares in the UK, mobile growth, many new customers to be launched and our ongoing expansion in North America.”