NetEnt cites positive underlying customer growth during Q3

Gaming content developer Net Entertainment has cited positive underlying growth with customers as the main reason behind a significant year-on-year jump in revenue during the third quarter of 2014.

The company posted revenue of SEK217.2 million (€23.6 million/$29.9 million) in the third quarter, which is 41.8% higher than the SEK153.1 million posted in the same period last year.

Operating profit jumped by 64.9% from SEK44.5 million in Q3 of 2013 to SEK73.4 million in the most recent quarter, while operating margin grew from 29.1% to 33.8%.

Elsewhere, profit after tax amounted to SEK67.5 million, which is up from the SEK40.2 million in the corresponding quarter in the previous year.

The positive quarterly results place NetEnt in a much better position than where it was at the same point last year.

Revenue for the first nine months of 2014 totalled SEK610.6 million, 35.5% higher than SEK450.6 million posted at the same point last year.

Operating profit was up by 46.1%, from SEK124.2 million to SEK181.3 million, while profit after tax increased from SEK114.6 million to SEK166.1 million.

Per Eriksson, president and chief executive officer of NetEnt, said: “New customers in combination with a positive currency development contributed positively but the primary reason for the revenue increase was due to positive underlying growth with NetEnt’s customers.

“The operating margin showed a positive development as a result of the revenue increase but also due to the vacation period, which reduced the resource cost.

“We see high demand for NetEnt’s products which is reflected in the seven new customer agreements that were signed in the quarter and I view the future as very bright for NetEnt.”

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