Net Entertainment, the Stockholm based casino software provider, has reported that revenues for the last quarter of 2011 grew by 21.6%.
According to Net Entertainment’s financial report, the three month period ending December 2011 yielded revenue of GBP 11.51 million.
Swedish Net Entertainment revealed that in the fourth quarter of 2011 its profit after tax increased by a massive 26% to GBP 3.48 million.
Several important developments occurred at Net Entertainment during 2011 which included the unveiling of its innovative five-reel and 20 pay-line online slot game Scarface last month at the International Casino Exhibition (ICE) in London as well as the signing of two important licensing deals and the launch of two partner online casinos.
The group also revealed that its revenues for the full year increased 16.1% in 2011 to GBP 40.63 million while operating profits were reported to be GBP 12.32 million.
Bjorn Krantz, acting Chief Executive Officer of the group commented on the Q4 numbers and stated that the year 2011 was one of product initiatives and new markets enabling Net Entertainment to secure solid growth for the company. Krantz added that revenues had increased by 21.6% during the fourth quarter as a result of organic growth. He also said that Net Entertainment has been successful in strengthening its position as a major supplier of games and systems within online casinos as well as focusing on customer interaction and product and technology leadership and that these qualities will continue to differentiate them.
During the fourth quarter of 2011 Net Entertainment decided to launch its own live casino product which it is planning to release toward the end of 2012.
