Popular Swedish software developer NetEnt has recorded another year of impressive growth, up 11.7% in 2017.The company, which saw former CEO Per Eriksson let go very recently, grew less in 2017, with 11.7% substantially down on the 28.5% growth in 2016, but the company is still fulfilling its aim of growing faster than the market it is a part of.
With revenue up from £123m in 2016 to £137m in 2017, NetEnt is still enjoying a steep upwards trajectory, as Chief Financial Officer, Therese Hillman, explained:“The target to grow faster than the market fits with NetEnt’s vision to drive the development of the digital casino market. We also want to grow faster than the market average.“NetEnt achieved a good rate of growth in 2017, even though it fell in comparison with recent years. Growth was lower in the key Scandinavian markets, but we grew faster in regulated markets, such as Italy.The business continued to generate strong cash flows due to increased revenues and good profitability.”The developer’s Chief Commercial Officer, Bjorn Krantz, added:“Our industry is heading towards more regulation. The balance between keeping a scalable global business model and taking local market conditions into account is a key item on my agenda”.Chairman of the Board, Vigo Carlund, also spoke about NetEnt’s growth, saying:“Revenues, profit and cash flow rose in 2017 and the company followed its long-term strategy for growth by entering several new regulated markets. I am also delighted to see that the number of shareholders in NetEnt continued to increase, reaching a total of 16,350 by the end of the year.”With a pledge to move to a 50/50 gender divide by 2020, with a staff force that currently employs 61% men, NetEnt is clearly looking to grow even more in the coming years.