Online gambling software developer Net Entertainment AB has released its interim financial results for the first quarter of 2011 showing that revenues increased by 33.9 percent year-on-year to $18.97 million (SEK127.5 million).
Stockholm-based Net Entertainment revealed that its operating profit for the three-month period rose over 52 percent year-on-year to $5.96 million (SEK40.1 million) from a margin that had improved 3.8 percent to 31.4 percent.
All of this saw the Swedish firm report a profit after tax for the first quarter of $5.14 million (SEK34.6 million), which was a 51 percent improvement when compared with the same period last year.
“We are also starting to see results from the investments we have made in Italy, which is now the company’s third largest market where Norway and Sweden are the two largest markets.“
“Historically, Net Entertainment has had a small presence on the UK market, which is Europe’s largest market for online games. Positive discussions are ongoing with several operators.“