Nektan "remains confident" despite £5.1m loss
Losses better than expected as firm points to strong growth in August as reason to be cheerful
Mobile platform provider Nektan said the firm had made “considerable progress” since last year’s IPO despite reporting an EBITDA loss and a sharp drop in revenues for the year ended 30 June.
EBITDA for the period was negative £5.1m, slightly better than the £5.5m loss which had been predicted in July but an increase on the £3.5m deficit reported in 2014. Revenues of £528,000 were 72% down on last year.
The firm said the successful launch of Sun Play and the growing reach of its US joint venture with Spin Games, Respin, meant it was optimistic for the future.
It added that net gaming revenues for August surpassed total revenues for the entire previous quarter, owing to a sharp increase in first time depositors.
“I am pleased to report Nektan’s first full year results since our IPO,” David Gosen, Nektan CEO, said. “The group has made considerable progress during the year and continues to see strong quarterly growth in Europe across all key performance indicators.
“We remain confident in our outlook for the full year and beyond as Nektan continues to strengthen its position and to deliver strong momentum in our key markets in Europe and the US,” he added.
Earlier this month Nektan secured a new £2.75m financing package and said the additional funds would underpin expansion in the US tribal and casino market, where it has launched with 12 operators with a further 22 in the pipeline.