Net Entertainment Releases Results
By Staff
Online gambling software developer and turnkey provider Net Entertainment has announced an increase in overall sales, after-tax results and its profit margin for last year.

The Swedish firm finished with a flourish as net sales for the fourth quarter increased to $5.74 million to take its annual sales tally to $20.89, an overall increase of 32.4 percent. This compares with the $4.9 million achieved in the fourth quarter of 2006 and the year’s overall sales mark of $15.72 million.

The Stockholm-based company also announced a 61 percent increase in after-tax results for the year to $7.26 million, which was up from 2006’s $4.5 million. Thirty percent of this total was achieved over the fourth quarter with results increasing by 35 percent to $2.18 million, up from 2006’s $1.61 million

Its net profit margin for the fourth quarter also rose to 38 percent from the previous year’s 33 percent to bring the total for the year up from 28.5 to 34.8 percent.

The company signed five new license agreements for its CasinoModule software over the year’s final quarter for a total of 18 and became debt-free by repaying a $743,000 loan from previous parent company Betsson.

'Net Entertainment's fourth quarter development was good and net sales increased 12.5 percent compared to the third quarter,' said Johan Ohman, Chief Executive Officer for Net Entertainment.

'The 32.4 percent total net sales increase for 2007 should be compared with an average 23 percent increase for European online gaming, according to Global Betting and Gaming Consultant’s estimates.

'The online gaming market is predicted to continue to grow positively, which benefits us through the organic growth of our current licensees. I believe that we are also better equipped than ever to win new strategic deals and further reduce our dependency on existing customers.'

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