NetEnt hails growth strategy as finances rise in Q1

NetEnt has cited its ongoing growth strategy as the main reason behind a year-on-year increase in key financials during the three months to March 31, 2017.

Revenue in the first quarter amounted to SEK398 million (€41.4 million/$44.5 million), up 15.2% on the SEK345 million posted in the corresponding period last year.

Operating profit climbed 6.3% year-on-year to SEK136 million and operating margin stood at 34.2%.

Profit after tax came in at SEK124 million, up 1.8% from SEK122 million in Q1 of 2016.

In addition, NetEnt noted that it was able to secure a record 15 new customer agreements in the period, while six new customers’ casino were launched.

Per Eriksson, president and chief executive of NetEnt, said: “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.”

Related article: NetEnt grows annual sales and UK market