Internet gaming group Nektan plc has released their latest trading update for the first quarter of 2018, which ended on September 30th, 2017.
Key financial indicators for the period were:
- In Q1 FY18, Nektan continued to deliver strong growth compared to Q1 FY17, with NGR in the quarter increasing by 88.4%.
- A significant increase in deposits, compared to Q4 FY17 and set against a reduction in FTDs, shows that the Company is attracting a higher quality of player. A combination of seasonality and a higher payout ratio resulted in a modest decrease in NGR compared to Q4 FY17.
- The Company launched 5 new sites and 1 new partner in Q1 FY18 and is currently running a total of 83 brands with plans to launch 10 new sites with 4 new partners during the current quarter to 31 December 2017. The benefits of this expansion are already evident during the early part of Q2 FY18.
- In Q1 FY18, Nektan launched 42 new games with 4 games vendors taking the Group's total mobile games portfolio to over 350.
- The Company continues to penetrate further into the Swedish market and is launching a new localized casino proposition during Q2 FY18.
A company statement from Interim CEO Gary Shaw said, "Our core European business continued to progress in Q1 FY18 as expected. The proposed launch of new commercial partners during the current quarter will see that growth continuing. Our strategy to leverage our core technology asset Evolve into further geographically diversified markets through platform licensing deals will see the business develop into one of the first gaming technology businesses with its platform live across three major continents. I am particularly pleased with the progress being made in the US where our investment positions Nektan as one of the first movers in mobile casino gaming."