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Net Entertainment reports increased financial results

NETENTOnline gambling software developer Net Entertainment AB has released its interim financial results for the first six months of 2013 showing a 14.6% increase year-on-year in revenues to SEK297.5m ($44.6m).

Stockholm-based Net Entertainment revealed that its operating profit for the six-month period amounted to SEK79.7m ($11.9m), which was unchanged from the same period in 2012, while its operating margin dropped by 3.9% year-on-year to 26.8%.

The firm stated that its half-year profit after tax improved by SEK300,000 ($44,996) over the same period in 2012 to SEK71.7m ($10.7m) thanks in part to Net Entertainment signing a dozen licensing agreements and launching five new online casinos.

“Again, Net Entertainment showed double digit growth in the second quarter despite the low season that normally starts in May,” said Per Eriksson, CEO for Net Entertainment.

“We have a solid sales pipeline in Great Britain as well as in other parts of Europe and overall our position is strong on the market and I look forward to the second half of 2013.”

Net Entertainment declared that the period saw it sign a deal with giant operator Lottomatica while also finalising a trio of agreements with existing customers for the delivery of its live casino innovation.

“We see a continued interest for Net Entertainment’s products and services,” said Eriksson.

“Six new customer agreements were signed in the second quarter, of which one tier-one customer, Lottomatica, which is one of the market leaders in Italy. The agreement will further strengthen our position in Italy.

“Mobile games continue to show good growth and during the quarter four new agreements were signed. To date, 34 customers have launched mobile games. The launch of the live casino product is moving forward, albeit at a somewhat slower pace than expected, primarily due to certain operators that are waiting to fully market the product until blackjack is live. We signed three new agreements for live casino during the quarter with a total of 19 agreements signed to date, of which eight are launched.”

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