SBC News Nektan on course to '€ break-even' in 2019

Nektan on course to ‘€ break-even’ in 2019

London AIM-listed igaming platform and games provider Nektan Plc has this morning published its Q2 2019 trading update (period ending 31 December) reporting record KPI growth, new commercial partnerships and progress on its US market foundations.

Updating investors, Nektan reports record cash wagering across its active business verticals of £222 million, a £40 million increase (22% growth) on Q1 2019’s £182 million.

Nektan governance informs that performance has been driven by ‘significant increase in the number of unique players on Nektan B2B platforms, helped by four new partners going live’ during the trading period.

Furthermore, Nektan has been able to boost its platform performance by adding a number of ‘premium gaming titles’ across its B2C and B2B divisions.

Closing the trading period, Nektan governance records a Gaming Revenue increase of 28.4% to £8.6 million, up from £6.7 million in Q1 FY19 (up 83% on Q2 2018).

On current projections, Nektan’s current growth trajectory should result in the firm achieving its ‘European EBITDA break-even’ target by the end of FY19 (30 June 2019).

The trading update, sees Lucy Buckley make her first public announcement as new Nektan Chief Executive, having officially joined the London-AIM enterprise on 3 December.

“This record-breaking quarter for the Group has not only highlighted that we have made significant enhancements to our technology, but we are becoming a firmly established business that is on track to be profitable in our core European business by the end of this financial year ending 30 June 2019.

Our BetVictor contract win with this tier-one operator is a landmark for Nektan and we are proud to have them believe in the breadth and depth of our offering. The B2B figures continue to demonstrate the huge potential that that division has in fuelling our growth going forward.

Another significant highlight from the end of the last quarter was the announcement of potential external investment in our US business. Once completed, we believe these developments will put Nektan in its strongest and most secure position to date”

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