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Premium casino solutions supplier NetEnt has a lot going on right now.
Its main focus is to optimise its operations and improve overall performance, while simultaneously applying for a license in Pennsylvania and later this year releasing its games in the province of British Colombia, Canada.
The Swedish company’s first quarter (Q1) results have shown certain fluctuations in form of increased costs and currency effects, and a net negative effect of the phasing out of deliveries to unlicensed operators in Australia, Czech Republic and Poland in 2017.
The opening quarter of 2018 has been a host to a total revenue of SEK 430 million (a bit over EUR 41 million), which is an increase of 9.3 percent compared to the previous period. Additional cost came out due to employing more staff in live casino and higher depreciation, again, attributable to newly launched products and currency effects.
The one-off pay to outgoing CEO Per Eriksson totalled SEK 6 million (EUR 575,705), and apart from this, operating profits went up by 10.4 percent to SEK 140 million (about EUR 13 million), with a margin of 32.5 percent. Cash flow for Q1 was SEK 158 million (EUR 15 million), and in March. NetEnt initiated measures to improve margins and reducing costs.
New Exciting Ventures
NetEnt’s acting president and CEO Therese Hillman has commented on the report saying that NetEnt sees ‘overall solid performance in locally regulated markets’, and particularly emphasised the Italian market to have highly contributed to the growth.
Hillman has also addressed the impending excitement surrounding applying for a licence in Pennsylvania and working with British Columbia Lottery Corporation. According to Hillman, NetEnt plans to launch its games in Canada in the third quarter.
NetEnt CEO has also teased some plans for the near future, “For the remainder of the year, we see conditions for better growth, supported primarily by regulated markets, more new games and new customers. We continue to work on optimising the organization and to make sure that revenues grow more than costs.”
Parenthetically, NetEnt’s nominating committee is set to propose Fredrik Erbing for the position of the new chairman of the board. Erbing has been a member of the board since 2008, and takes part in the auditing, as well as being a vice president at Acando AB.