Net Entertainment, which develops software for the online gaming industry, has booked a 35.4 per cent increase in profits for the fourth quarter of fiscal 2007, as the company continues to secure contracts for its core CasinoModule offering.
During the period, sales for Stockholm-based NetEnt increased by 17.1 per cent to SEK36.3m (approximately US$5.7m). Earnings totalled SEK13.8m compared to SEK10.2m in the fourth quarter of the previous year.
During the period, NetEnt secured five new licence contracts for its flagship CasinoModule product, bringing the total number throughout the year up to 18. The gaming platform consists of more than 50 casino games and an administration system.
Looking ahead to 2008, CEO Johan Öhman said: "The online gaming market is predicted to continue to grow positively, which benefits us through the organic growth of our current licensees."
During the fourth quarter of 2007, NetEnt repaid the remaining SEK4.7m of a loan from its previous parent company, Betsson, and is now completely debt-free.
