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Nektan delivers trading update

Nektan PLC reported strong fourth quarter results in a trading update that also detailed the appointment of former Mansion Group CEO, Sagi Lahav, as the company’s new interim chief executive officer, effective July 3, 2017.

Nektan reported it continues to experience strong growth in its Managed Gaming Solutions (Europe) business across all key performance indicators, driven by a combination of increased First Time Depositors, ongoing product innovation and the launch of 9 new casinos in the quarter.

“Year on year revenue growth of 130 percent reflects substantial organic growth and is accompanied by an improvement in the cost of sales through effective casino management,” a company statement reads.

Other key performance highlights include:

Net gaming revenue amounting to GBP 4.2 million (Q4/2016: GBP 2.0 million), up 110 percent

First time depositors, up 164 percent to 42,429.

Cash wagers amounting to GBP 118.7 million (Q4/2016: 48.5 million), up 145 percent.

Nektan’s B2B Europe business has extended its games licensing partnership with Spin Games LLC to include a selection of gaming titles from Konami and three other unnamed third party developers. The company plans on publishing its first games on its managed casino network via Spin’s Remote Gaming Server (ROC) during the first quarter of 2018.

Respin, Nektan’s US subsidiary, continues to develop and expects to launch its Rapid Games mobile solution in its first US casino in the next quarter.

Gary Shaw, Interim Chief Executive Officer of Nektan, said:

“We continue to make progress across our three divisions. I am especially encouraged by the progress of the European managed casino network which is benefiting from the hard work of our team, our casino partners and the strong technical foundation of our proprietary platform, Evolve. Revenues have grown by 130% over the last year, whilst our cost base has reduced, providing a more financially efficient platform from which to grow.

“Our younger B2B division is attracting a lot of interest from games studios, offering distribution and services under our Gibraltar gambling licence. In a significant step forward, our North American team is installing an operating multi-tenant solution in its first, central casino location.

“This is an exciting period for Nektan and I'm delighted to be working with Sagi and the rest of the team to develop fully the potential opportunities across the whole of our business.”

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