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NEWS 12 July 2019

NetEnt’s H1 revenue drops 3% as supplier points to Nordic struggles

By Matthew Enderby

NetEnt has reported revenue of SEK 837m ($32.9m) for the first half of the year, dropping 3% year-on-year.

Operating profit for the year up to 30 June was SEK 256m, corresponding to a margin of 48%, with the supplier announcing profit after tax of SEK 240m.

Earnings per share were SEK 1 before and after dilution.

NetEnt said it is currently investing in long-term growth, with an aim to launch broader scale services during 2020.

Therese Hillman, NetEnt Group CEO, said: “The weak development in the Nordic countries continued in the second quarter, particularly in Sweden, where we have seen fewer players and lower ARPU since the new regulation was introduced at the beginning of the year.

“Looking ahead, we continue to invest in increased game production, a technical platform featuring more functionality, and live casino, to defend and over the longer term increase our market shares in all our markets.”

In Q2, NetEnt signed a customer agreement with DraftKings for operations in New Jersey.

NetEnt’s revenue was SEK 419m for Q2, down 4% year-on-year, with earnings per share at SEK 0.50 before and after dilution.

EBITDA was SEK 201m, which equates to margin of 48%. The supplier announced operating profit of SEK 130m, with Q2 net profit of SEK 120m.

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