NEKTAN PLC, a B2B provider of a mobile gambling platform and other related content, announced today its results for the six months ended December 31, 2015. Total revenue increased to £1.6 million from the £250,000 reported for the same period in 2014.
NEKTAN also posted EBITDA loss of £3.7 million for the period in review. In comparison, a loss of £2.4 million was reported for the six months ended December 31, 2014.
The company said that Respin, its US-based business, kept on performing strongly during the reported period. Towards the end of 2015, it had 54 existing and pending contracts with both commercial and tribal gambling operators across the nations. What is more, Respin became the first business to receive an approval from Apple Inc. for the provision of mobile in-venue gambling options in the US.
As for NEKTAN’s European operations, revenue from those increased 32% over the period between July 2015 and January 2016. In fact, due to the company’s digital and mobile partners net gaming revenue of £827,000 was generated last month.
The developer warned that a delayed large contract acceleration will have “a significant impact” on its full-year revenue and EBITDA. The contract is expected to be worth an approximate of £7 million in this year’s net gaming revenue and its accelerated launch is likely to take place towards the end of this fiscal year.
Gary Shaw, interim CEO of NEKTAN, said that they hope the company’s current sales momentum as well as the reduction in the fixed cost base will make it possible for it to turn into a “strongly growing and profitable business.”
NEKTAN Non-executive Chairman Jim Wilkinson added that with its constantly strengthening position in both the US and Europe, the cost base cuts, and the most recent high growth rates, the developer will fulfill its undoubted potential.” Both Mr. Shaw and Mr. Wilkinson assumed their current posts at NEKTAN in January.
Another directorial change was announced today. Graham Bradshaw was appointed as temporary Finance Director at the mobile gaming developer and supplier. Prior to joining NEKTAN, Mr. Bradshaw has taken a number of finance posts at various major companies, with Sportingbet PLC being among those.
