Nektan posts ‘better than expected’ year performance

gosen
David Gosen – Nektan

Aim listed B2B mobile gaming platform provider Nektan Plc, has issued it’s a preliminary trading update for its full year results ending 30 June.

Nektan governance expects full year 2015 net gaming revenue to be approximately £0.5 million, with the adjusted EBITDA loss (excluding listing costs, exchange differences and non-cash charges relating to share based payments) to be better than expected, at approximately £5.5 million for the period, resulting from tight management of the fixed cost base.

Net gaming revenues were up to £244,000 from H1 £115,000. The developer stated that during the period it had made significant progress, gaining new mobile gaming partnerships with The Sun and Irelands TV3.

In April Nektan secured £7.1 million in its latest financing round, via the issuing of new convertible loan notes and the placement of new shares in the company. Furthermore the operator noted that it had gained its UKGC software and gaming licence

David Gosen, Nektan’s Chief Executive Officer, said:

“The combination of Nektan’s mobile platform and leading HTML5 content continues to prove very attractive in our target European and US markets. Our strategy to penetrate both these markets remains unchanged and we are now prioritising higher margin Real Money Gaming as the growth engine to ensure the Group delivers profitable revenue growth and sustainable value to our shareholders.

Our focus is already delivering positive results with increases in our Real Money Gaming live partners and a growing pipeline. The number of depositors and net gaming revenues from our real money casinos have at least doubled in Q4 over Q3, all helping to ensure we grow sustainable lifetime revenues from players. In the US, with our joint venture partner, again we are seeing a growing list of casino partners as a result of clear demonstrable uplifts in performance from the Xtraspin installations. Whilst still early days, our first mover advantage combined with the growing number of casinos with signedletters of intent or contracts demonstrate our market potential.”

 

 

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