Loss of content partnerships impacts Nektan 2014 Performance

casinomobileLondon AIM listed mobile gambling provider Nektan PLC has reported half year losses of £2.4 million EBITDA (period ending 31 December).

Nektan recorded a revenue fall in revenues to £250,000 (H1 2013 – £1.3 million). The operator said its pre-tax loss for the six months to the end of December was £3.9 million, compared to a £3.1 million loss a year earlier.

Nektan stated that its reduction in revenues was due to the termination of content contracts with sports betting providers, who had chosen to develop mobile products and content in-house. Following its November London AIM float the company had been impacted on by raising costs of +£900,000.

Nektan management highlighted that net gaming revenue from real money gaming increased to £115,000 in the half and said it has continued to invest in the Evolve platform in the period.

Management outlined plans to raise capital in order to fund new B2C investments and operating costs for new mobile partnerships with The Sun newspaper

Commenting on company performance Chairman Gary Shaw stated

“As well as the Group’s successful admission to AIM in November 2014, we have delivered a number of significant operational milestones including the launch of our first white-label partners,”

“Underpinned by our exceptional end-to-end mobile platform, Nektan is in a very strong position to exploit the exciting growth opportunities in the fastest-growing segment of online gaming in Europe as well as significant opportunities in the US,” he added.

 

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