Recently, NetEnt’s CEO, Therese Hillman, praised the company for its high Q2 numbers. Indeed, she said that this was all down to “transformational steps” that they had taken, which led to such a strong performance. As such, they saw a 37% increase in Q2 and earned record revenue, earnings, and overall cash flow. She then went on to break down the figures.
Overall, the Q2 revenue was £50.4 million. In comparison to 2019 figures, including Red Tiger, revenue was up 15%. The 2nd quarter also boasted a 49% increase in EBITDA from last year, up to £26.3 million. If you deduct the £1.14 million transaction cost involved, their EBITDA stood at £27.45 million. However, the earnings after tax fell 27% to £7.74 million.
NetEnt’s strong performance hasn’t gone unnoticed. In fact, in June 2020, Evolution Gaming offered £1.7 billion to buy the company, which goes to show that NetEnt’s vision shift works. Indeed, before Hillman took the helm, many online gambling experts thought that NetEnt had lost its touch. But as its stand, the award-winning provider certainly got its groove back.
Moreover, the numbers also look to trend in the right direction for the first half of this year. And that’s appealing for Evolution Gaming. In the first 6 months of 2020, NetEnt earned £167,188,600 in revenue. This was up 30% when compared with 2019. As well as this, EBITDA was up 33% to £46.5 million. Meanwhile, earnings after tax saw a 28% drop.
Another factor to consider is that the company expanded its reach in Q2. Indeed, it entered new markets, including Croatia, Switzerland, and Colombia.
Despite economic troubles across the world, NetEnt continued to grow in April and May and the performance in those times was excellent. This is very encouraging for the company and its workers.
Plus, Hillman said that this was all thanks to “hard work”. She added that it’s all paying off now. What’s more, they will keep going on this path, by expanding in the US and growing the live casino.
NetEnt is going in the right direction and will look to keep the momentum going for the rest of the year. Meanwhile, Evolution Gaming’s offer is still on the table, and NetEnt has until August to accept it.