Latest reports show a stunt in growth for NetEnt after big change in the company
NetEnt has been through quite the transition this year, with the changing of CEO’s and lots of different decisions and alterations to be made, but as always they come out stronger than ever. As most of us know Per Eriksson was replaced with Therese Hillman in taking over the CEO position of the company. NetEnt is one of our favourite casino games provider because of the way they treat their customers, and the fact that we can see just how important player satisfaction is for them, and of course not forgetting how impressive and fun their video slots are to play! When you change up the flow in a company there’s bound to be a few bumps in the road and this is what has happened with NetEnt recently.
The latest revenue and growth in the second quarter has not been what anyone expected, there have been some declines and a few stunts in growth. The recently appointed new NetEnt CEO, Therese hillman spoke out on the matter saying that she is ready to take action after the slowdown in the UK specifically. Last Friday NetEnt reported a 6% rise in their revenue year on year to £39 million (a 0.8% decline in euro terms), but earnings before tax only grew by a small 1.2% and NetEnt’s share price on the Nasdaq Stockholm went down by approximately 17% following the release of their Q2 results. We can imagine that this is quite a stressful time for the NetEnt crew, but we know how on the ball they are and they will be able to get through it!
we need to grow our live casino and have more growth initiatives to kick in
The recent Q2 reports definitely came as a shock to the company, but they want to turn this around for the next reports and hopefully have more inclines rather than declines. Therese Hillman commented about the recent Q2 results “ We are taking action where we are not doing enough at the moment, what we do see is that the slowdown in the UK has made a difference and the UK is a challenging market.” She also went on to say that “I’m confident that the game portfolio will be better in the second half of the year and we also have a good line-up of new customers to launch in Q3 AND Q4, we need to grow our live casino and have more growth initiatives to kick in”.
NetEnt already has a fantastic plan of action where they will be strengthening the customer offering, freeing up resources for new commercial projects, and cutting lead times. There is a lot of competition out there in the gaming industry, but we feel as though NetEnt are, and will always remain one of the absolute best. There are talks of them improving their live casino games, and their mobile casino market, so we will see what the future has to hold. What we can take away from this are pretty much all positives, NetEnt know where they are lacking, and they know what they can do to improve this, and even though as Therese Hillman said the UK market are quite challenging, NetEnt being NetEnt will face it head on.
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