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Nektan Plc

Nektan plc delivering positive underlying results

Nektan plc (LON: NKTN), the fast growing, award-winning international gaming technology platform and services provider, announced today a pre-close trading update in relation to its financial year ending 30 June 2019.

The Board expects the Company to deliver year-on-year, double digit revenue growth and a significantly reduced EBITDA loss in FY19 compared to the previous year. The Group’s target of achieving EBITDA breakeven in FY19 will not be achieved due to the slower trends experienced in Q3 continuing into Q4 with a number of factors impacting first time deposits and deposits, including the continued effect of increasing UK regulations around player marketing and verification.

Lucy Buckley, Chief Executive Officer of Nektan plc, said:

“In our B2C business, management has taken a number of actions in conjunction with the Company’s partners, that are delivering positive underlying results. We expect this to translate into better performance including increased margins. This, combined with a pipeline of new partners and product launches, underpins the Board’s confidence that Q1 FY20 should see a return to quarter-on-quarter growth that has been delivered by the Company in nine out of the last twelve quarters.

Nektan’s B2B business continues to make exciting progress; our pipeline of opportunities is continuing to develop and has seen engagement with an increasing number of larger market participants globally. We expect a number of these to go live during the remainder of 2019, which has the scope to have a transformational impact on our business.

We continue to focus on moving to profitability and look forward to providing a more detailed update in our Q4 FY19 trading announcement in July 2019.”