31st Mar 2020 12:21
(Alliance News) - Nektan PLC on Tuesday said its performance improved in the first half of its current financial year and it expects further growth going forward.
The gaming technology company said its loss narrowed slightly in the six months to the end of 2019 to GBP2.9 million from GBP3.0 million reported a year ago, as revenue grew to GBP797,000 from GBP310,000.
Administrative expenses rose, however, to GBP3.0 million from GBP2.6 million year-on-year.
During the period the company said it was restructuring, moving away from the UK B2C business and becoming the casino platform adopted by partners in markets across Europe, Africa and Asia.
"Whilst we are currently live with 34 sites across multiple continents, we see a strong pipeline of partner launches from leading global businesses to deliver their online gaming solutions. The roll-out of these sites should take place over the next 2-3 months, which will significantly transform the revenue profile of the group," said Interim Chief Executive Gary Shaw.
"This higher margin revenue is forecast to drive the group to earnings before interest, tax, depreciation and amortization break-even by the end of this current financial year," added Shaw.
Nektan's adjusted Ebitda was GBP1.7 million loss in the first half compared to GBP1.8 million loss a year ago.
The stock was untraded in London on Tuesday, last closing at 0.60 pence a share.
By Evelina Grecenko; [email protected]
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