After years of producing excellent results and annual net profit growth of 375% between 2012 and 2018, it was still not good enough when a small dip in figures came around. And as a result of the financial dip, the board showed former CEO Per Eriksson the door.
Now at the helm and steering the industry giant is Therese Hillman. And the changes are already showing increasing numbers by 5.9% (-0.8% in euro) in the second quarter of 2018. As well, the EBIT has also demonstrated an improvement of 1.2%. Finally, after all, investments NetEnt’s done they’re still presenting positive numbers on cash flow with a 35.8% increase in the second quarter.
Out with the old, in with the new!
Therese Hillman comes with years of experience and up to recently held the position of CFO at NetEnt. What’s more is that stepping up in the CEO’s shoes is nothing new for Hillman as she was previously the CEO for Gymgrossisten for 5 years.
And only a few months in her new role Hillman has a clear goal on how to keep the vision and growth of NetEnt. Indeed, Hillman commented when presenting the last figures.
“The core games development and supply business will continue to be a focus, but instead of allowing hurdles to slow the company’s progress, we need to find a way around them. We need to develop our live casino further and be even more innovative when it comes to product. Due to the fact that the US is not developing as fast as one would wish, there is a need to look into other territories”.
What to take away from the report?
On July 13th the interim report was presented via telephone conference and webcast.
- NetEnt secured 8 new clients and 7 new casinos where launched.
- A new Chairman of the Board of Directors Fredrik Erbing was announced.
- Also, some new slots saw the day Jumanji, Lost Relics, and Archangels Salvation in Europe. So we can soon expect these games to land in NJ.
She also announced that they are in the Beta phase for Social Casino on Facebook. But, more importantly, is that they signed an agreement with Hard Rock in New Jersey. Could this be the significant piece to the slow US development puzzle that needs to be in place?
And, will we see the same increase in the coming reports with the seemingly same strategy previously announced by Hillman? And more importantly, we’re curious to know which other territories NetEnt wants to venture into if not the US!