NetEnt reports mixed results in Q4 2017
Global online gaming company, NetEnt has reported a 4.7% year-on-year rise in its revenue during the fourth quarter of 2017.
In its final report of 2017, the company reported gaming revenues of SEK419m, increasing on the SEK400m reported during the fourth quarter of 2016.
It was a period of ups and downs for the gaming operator, who reported a 3.9% year-on-year decline in its operating profits, which dropped from the SEK156m reported during Q4 2016 to SEK150m during Q4 2017.
Company profits after tax increased, albeit more modestly year-on-year by 1.5% to SEK152m during Q4 2017 from the SEK150m reported during the same period of 2016. The operator also signed 8 new customer agreements, launching 11 new customer casinos during the Q4 period.
NetEnt’s full-year 2017 revenues increased by 11.7% year-on-year to SEK1,625m from the SEK1,455m reported during 2016, while operating profits increased by 9.5% year-on-year to SEK587m.
Full-year 2017 profits after tax increased by 9.5% to SEK 552m from a full-year 2016 high of SEK504m. 37 new customer agreements were signed with 35 new customers’ casinos launched during 2017.
NetEnt also were awarded Online Casino Supplier of the year at the inaugural Global Gaming Awards London earlier this month, beating off stiff competition from rival firms Playtech and IGT to go home with the coveted prize.
In a statement accompanying the results NetEnt CEO, Per Eriksson looked back over the year saying: “2017 was another eventful year with profitable growth for NetEnt, even though we had expected a much better outcome. Our strategy to grow on regulated markets remains in place and during 2017 we terminated deliveries of games to operators in Australia, Poland and Czechia, which affected revenues negatively by three percentage points in the fourth quarter.
“In 2018, we are increasing our commercial focus and optimizing our organisation to make sure that revenues grow more than costs. I look forward to a new year with more game releases and product news than ever for NetEnt.”
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