NetEnt is planning geographical expansion in European, North American and Asian regulated igaming markets in a bid to kick-start growth.
In its annual report, the Nasdaq Stockholm-listed company described its strategy in response to disappointing growth figures of 11.7 per cent in 2017. Blamed partly on the withdrawal from markets in Australia, Poland and the Czech Republic due to legislative changes, that figure compares to an average increase in revenues of 29 per cent year-on-year since 2007.
NetEnt CEO Per Eriksson has since left the company and has been replaced in the interim by Therese Hillman, with the firm targeting growth faster than the market and to distribute a minimum of 60 per cent of its profit after tax.
“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,” said chief financial officer Hillman. “The other target reflects our aim of maintaining a strong balance sheet, providing the flexibility required to carry out investments which drive growth, while also ensuring a large proportion of profit is distributed to NetEnt’s shareholders.”
