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NetEnt Q1 revenue up 24% as Red Tiger integration completed

NetEnt saw revenue of SEK 518m ($51.4m) for the first quarter of 2020, a rise of 24% year-on-year.

NetEnt

The supplier generated EBITDA of SEK 229m, an increase of 17% from 2019, while earnings after tax amounted to SEK 82m, down 32%.

The period saw NetEnt fully integrate Red Tiger "to realise further synergies."

The supplier signed an agreement to acquire slot provider Red Tiger in September 2019 in an all-cash deal with an initial value of £197m ($242.9m).

As a result of changes in net-present-value calculation of the earn-out liability for Red Tiger, NetEnt’s Q1 earnings were affected by non-recurring financial costs of SEK 40m.

The period also saw Lars Johansson leave the company after being appointed CFO in December 2018.

The supplier insists its financial performance has so far not been negatively affected by the outbreak of COVID-19.

Therese Hillman, NetEnt CEO, said: "To further strengthen competitiveness and increase efficiency, we initiated a full integration with Red Tiger during the quarter.

"Combined with a strong product pipeline, new regulated market entries and the live casino opportunity for NetEnt, this puts us in a good position to continue delivering profitable growth in 2020."

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