he Stockholm-based firm behind the CasinoModule online games and management solution revealed that its half-year operating profits increased by 55.8 % year-on-year to us$ 7.65 million while the margin grew 0.8 % to 39.5 %.
Net Entertainment’s profits after tax for the six-month period rose 65.4 % compared to the corresponding period in 2008 to us$ 7.59 million as it signed five new license agreements for CasinoModule alongside two for CasinoCafe. “The business continued to develop positively during the second quarter primarily driven by organic growth with our existing licensees,” said Johan Ohman, President and CEO for Net Entertainment.
“Overall, we have a good momentum and the performance in the second quarter is in line with our expectations. The revenue growth in the second quarter was lower than in the first quarter of 2009 due to a somewhat negative currency development combined with seasonal effects and few new casinos being commissioned.
“The previously announced IT projects, which are of a non-recurring nature, are progressing well and affected profits during the second quarter by 6 million. The projects, which are necessary to ensure our future competitiveness, will be completed during the third quarter.
“We continue to strengthen the organisation through recruitments to meet the demands from new and increasingly larger customers. At the same time, additional development recourses are being established abroad as a step in increasing our production capacity.
“The launch of CasinoCafe and the commissioning of CasinoModule with PAF and SportingBet increase our revenue base and we see a continued positive development for the business. The addition of Expekt.com further strengthens the company’s future revenue base and reinforces our position as a premium supplier of gaming software to tier-one operators. To ensure a continued first class account management and further increased sales focus, a new Managing Director has been appointed for our sales and marketing company in Malta.”