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NEWS 12 February 2020

NetEnt 2019 revenue up 1% with “continued weakness” in Scandinavia

By Owain Flanders

NetEnt’s Q4 revenue amounted to SEK 512m ($53.2m) for 2019, a rise of 10% year-on-year.

EBITDA was SEK 261m, an increase of 28%, while earnings after tax were SEK 113m, down 21%.

In total, the supplier saw full-year revenue of SEK 1.79bn for 2019, a rise of 1% from 2018, while EBITDA was SEK 855m, up 5%.

These figures include SEK 59m of acquisition-related transaction costs and amortization, and SEK 29m of acquisition-related financing costs.

After being consolidated in September 2019, Red Tiger contributed SEK 126m to revenue and SEK 93m to EBITDA.

The supplier attributed its limited growth to “continued weakness in mainly Sweden and Norway,” but was pleased with its business in the US, which “continued to grow significantly.”

Therese Hillman, Group CEO, said: “Since December, we have seen all-time highs in the number of players for our live casino, which supports our belief in growing revenue from this segment.

“Since the acquisition, Red Tiger has exceeded our expectations and now forms a vital part of our ongoing improvement efforts within the NetEnt Group.

“We see good conditions for NetEnt to deliver growth in 2020, supported by our combined game portfolio and live casino.”

RELATED TAGS: Online | Industry | Financial | Casino
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