Net Ent Moves to NASDAQ OMX’s Mid Cap List21st December 2009 9:43 am GMT
Following a strong year of growth during which shares in Net Entertainment have climbed by 147%, Nasdaq OMX Stockholm has announced the transfer of Sweden's Net Entertainment from the Small Cap list to the Mid Cap, due to the company's increasing market capitalisation to over €194 million.
After receiving approval late last year, Net Entertainment was introduced on Nasdaq OMX Stockholm's Small Cap list on January 13th 2009, having previously traded on Stockholm's Nordic Growth Market Stock Exchange.
Less than one year later, with shares in the company up 147% from the beginning of the year and up 162% on a year ago, Net Entertainment shares have now been moved to the Mid Cap list for companies with a market capitalisation of between €150 million and €1 billion. The change becomes effective on January 4th 2010.
"Net Entertainment has continued to report strong growth and profitability during the year. The move to Mid Cap is a milestone in the company's development," said Johan Öhman, CEO for Net Entertainment.
In an impressive run of results so far this year, Net Entertainment recorded a 50% increase in revenues to SEK214.4 million (€20.6 million) for the nine month period ended September 30th, greater than its total revenues in 2008, with profit for the period climbing 42% to SEK52.8 million (€5.1 million).
"Thanks to Net Entertainment's strong development this year we are ready to move the share to the Mid Cap list. It is a pleasure to see a company achieve such strong development during a short period," said Jenny Rosberg, Senior Vice President of Nasdaq OMX.
The market cap segmentation is revised based on market value by NASDAQ OMX in November of each year with adjustments taking effect in January the following year.
Shares in Net Entertainment AB (Co. Profile) (NASDAQ OMX:NETB) are currently up 1.27% at SEK59.75 per share in Stockholm this morning.