31st Jul 2019 13:51
(Alliance News) - Gaming technology firm Nektan PLC on Wednesday reported strong revenue growth for its recently ended year, though the fourth quarter was more difficult.
For the year to June, Nektan's revenue rose 15% to GBP22.5 million. Business-to-consumer net gaming revenue rose 11% to GBP21.5 million. The number of first-time depositors fell 16% to 131,128, but cash wagering was up 6.8% to GBP597.8 million.
In Nektan's fourth quarter, revenue fell 29% to GBP4.1 million, with B2C net gaming revenue slipping 33% to GBP3.8 million. The number of first-time depositors in the last quarter fell 45% to 23,850, with cash wagering down 32% to GBP110.9 million.
Chief Executive Lucy Buckley said: "Whilst the fourth quarter saw a continuation of the B2C trading conditions we experienced in the third quarter, we have taken decisive action to structure the company in response to the changing gaming environment and to provide the strategic platform for expansion and growth in international markets.
"Furthermore, a number of steps to enhance our product offering, including the launch of bingo and improved player journeys, have been completed in the fourth quarter and we look forward to the new financial year with optimism."
Nektan shares were down 3.4% on Wednesday afternoon in London at 9.90 pence each.
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