Swedish online casino games developer NetEnt has released its interim financial results for the third quarter showing a 27.7% increase year-on-year in total revenues to $40.07 million while its operating profit improved by 22.9% to reach $14.51 million.
NetEnt revealed that it signed eleven customer agreements and helped to launch eight new client online casinos during the three months to the end of September while its operating margin for the period dropped by 1.4% year-on-year to stand at 36.2%.
In addition, the firm reported a third-quarter profit after tax of $13.36 million, which was a boost of 22.2% when compared to the same period in 2015, while its cash and equivalents swelled by 30.3% to hit $46.28 million.
The third quarter saw NetEnt launch its games with United Kingdom (UK) operator The Rank Group and ink deals with several operators that saw its titles go live in the Romanian market while rolling out an inaugural live mobile online casino service.
No less optimistic, NetEnt disclosed revenues for the first nine months of the year of $118.33 million, which represented a boost of 30.3% year-on-year, while its operating profit advanced by 35.8% to $42.62 million.
Stockholm-based NetEnt declared that it has signed 32 customer agreements and assisted in the premiere of 22 new client websites since January 1 with its operating margin for the nine-month period growing by 1.4% year-on-year to 36% and its profit after tax progressing by 37.2% to $39.76 million.
“NetEnt’s growth strategy keeps delivering results; we grow in new markets with new products and with more customers,” said Per Eriksson, President and Chief Executive Officer for NetEnt. “During the [third] quarter we launched our games in the regulated Romanian market and we rolled out our live casino product for mobile. The UK continues to be an important growth driver but the weaker pound had an estimated negative effect of about three percentage points on revenue growth compared to the same quarter last year. Our ambition remains to achieve continued strong sales growth in 2016.”