Nektan Revenues Rise But Still Posts Loss

Online betting group Nektan has posted theirs first half financial results, revealing that revenues rose but they still had a loss in the overall performance.

Key financial indicators for the first half ending December 31st, 2017 were:

  • Total revenues for the six months of £8.1 million, up 54% from last year
  • Adjusted EBITEDA of £1.6 million, up £100,000 from last year
  • Adjusted EBITDA loss for Managed Gaming Solutions to -£918,000
  • Operating loss of £3.2 million
  • Pre-tax loss of £4.2 million
  • Diluted loss per share of 12.6 pence

Commenting on the results Nektan Interim CEO Gary Shaw said, "The European business continues to deliver strong trading momentum; we are developing our mobile first casino product, diversifying our portfolio of services to include additional B2B gaming solutions in Europe, US and now Asia.

"Our European white label services business now consists of over 100 casino sites.

"We continue to leverage partnerships with numerous global game providers including Realistic Games, Pragmatic Play, Booongo Gaming and Pocket Games Soft, to deliver the Nektan Technology platform into further new geographic markets with localised content.

"I am particularly pleased that we are maintaining a central cost base to develop these revenue opportunities.

"We are expecting continued margin improvements, as our business partners develop new markets utilising our core technology platform, and to become a successful global technology supplier."

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bgsharpe
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14 March 2018 - 7:15pm
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Seems weird that they could afford to work on loss but I guess there's good reason for that although I'm not sure what that might of been, anyway it looks inevitable that from Nektan would declare profit in some point of time if their revenues keep growing like that.