Issuing a market update for its six month H1 2015/16 performance (period ending 31 December), London AIM mobile gaming operator Nektan Plc has reported that its operational losses increased to £3.6 million.
The losses represent a 55% increase on its comparative H1 2014/15 results of -£2.3 million. However, Nektan governance were encouraged with the firms revenue performance which had increased 550% to £1.6 million, highlighting that the company had recorded month-on-month compound revenues.
Nektan governance declared that the company was awaiting to complete a significant partnership contract valued at £7 million that would boost corporate revenues in H2 2015/16. The contract is expected to implemented by June 2016.
Once fully implemented, Nektan governance stated that it expects the company to hit its EBITDA beak-even mark.
Jim Wilkinson, non-executive Chairman of Nektan, commented on corporate progress
“Nektan has a very strong and strengthening strategic position in the US through our Respin JV and a fast growing European business. With a reduced cost base and the high growth rates being achieved, we believe that the Company will start fulfilling its undoubted potential. We are also pleased to announce the addition of Graham Bradshaw to Nektan’s senior management team as interim Finance Director (a non PLC board position) with immediate effect. Graham is a Chartered Accountant who has held a number of senior finance positions including Group Financial Controller at Sportingbet PLC and a Director in Audit & Corporate Finance at EY.”