Online gaming technology supplier NetEnt has released its interim financial results for the second quarter of the year showing a 29.8% increase year-on-year in total revenues to $41.21 million while operating profit rose by 32.1% to reach $14.28 million.
The Stockholm-listed firm revealed that its operating margin for April to June improved by 0.6% when compared with the same three-month period in 2015 to 34.8% and helped its profit after tax to grow by 31.1% to reach $13.28 million.
“The second quarter featured strong demand for our products and strong growth,” read a statement from Per Eriksson, President and Chief Executive Officer for NetEnt, which stated that it had signed deals with twelve new customers during the three-month period. “Revenues increased by 30% and operating profit rose by 32%. The operating margin was 34.8%, which was an improvement compared to the previous year. I am optimistic going into the second half of 2016; the conditions look good for continued strong growth.”
Since the start of the year, NetEnt explained that total revenues had swelled by 31.7% year-on-year to $81.63 million while its six-month operating profit soared by 43.6% to $29.32 million with a 2.9% improvement in operating margin to 35.9%.
All of this saw the Swedish firm bring in a profit after tax for the six-month period of $27.53 million, which represented an increase of 46.3% year-on-year, courtesy of 21 new customer agreements and the launch of 14 fresh online casinos.
“NetEnt continues to drive the digital casino market with innovative and cutting-edge gaming solutions and entertaining games that are best-in-class,” read the statement from Eriksson. “Mobile live casino is an innovative product that we have recently started to launch in a beta version with some of our customers and it has been very well received by both operators and players. Mobile gaming continues to be an important growth driver for us. Revenues from mobile doubled compared to the same period last year and accounted for 37% of revenues in the second quarter.
“We continue to see high levels of activity with our games in New Jersey and hope to see more US states follow suit and open up for online gaming. Recently, encouraging steps in the right direction have been taken by lawmakers in Pennsylvania and Michigan.”