NetEnt Set for Russian Push

Net Entertainment A.B., the Stockholm-listed software developer, turned in a strong first-quarter performance, with revenue up 60 percent to 68.7 million Swedish kronor.

The company said growth came as a result of seven new customer launches and higher volumes at existing licensees.

Its core product is a casino software solution called Casino Module, which it licenses to around 60 operators including Betclick and Ålands Penningautomatförening.

Meanwhile, its Casino Café product, an online casino solution installed at retail shops and Internet cafes, is gaining traction in Russia and Cyprus.

Delta Invest Ltd. is set to launch Casino Café into a network of over 500 shops in Russia, Net Ent said, while the Cypriot company PCP Electronics Ltd. will roll the product out across 50 of its arcades over the next 12 months.

"It is possible that Delta Invest will become one of the company’s single largest licensees if Delta Invest’s projections hold true," Net Ent said in its results statement.

Operating profits rose 74.6 percent to 29.6 million Swedish kronor, while operating margins rose to 43 percent from 39.6 percent during the previous-year period.

Profits after tax were 31.9 million Swedish kronor, up 107 percent over last year.