On the heels?of releasing its?Q4 results, over the weekend Stockholm-listed online gambling technology provider NetEnt decided to replace its Chief Executive Officer since March 2012, Per Eriksson (pictured).?According to the news release, Therese Hillman, Chief Financial Officer for NetEnt, has been appointed acting CEO until such time as a replacement for Eriksson is found.
NetEnt stated that the decision was in keeping with its effort to increase its focus on long-term growth and that the recruitment process would begin immediately.
Commenting on the company’s decision, Chairman of the Board, Vigo Carlund, said: ”NetEnt has developed well over many years and several parts of the business are still developing well, for example in regulated markets, but the overall performance of the Group has not been as it should. The Board believes that NetEnt needs a new driving force to reverse the trend and increase the focus on growth. The value creation potential in NetEnt remains significant. The online gaming market has structural growth driven by the migration from offline to online gaming. The Company has a solid balance sheet and a strong brand name in its segment of the market. The Board would also like to extend its gratitude to Per Eriksson for his time as CEO for NetEnt.”
For 2017, the company’s?revenues for the full year increased by 11.7 percent to SEK 1,625 (1,455) million, while its profit after tax amounted to SEK 552 (504) million, an increase of 9.5 percent.
Affecting the company’s bottom line, however, were “growth-enabling investments,” supporting stronger product and sales organization, as well as its Live Casino offering and moving to more spacious offices in Malta. Also playing a role was the forced termination of “deliveries of games” to operators in Czechia, Australia and Poland due to new online gambling restrictions, which in the fourth quarter saw its revenue take a 3 percent hit, according to the company’s “Year-end report 2017 and quarterly report October – December 2017.”