Nektan announces new sites and revenues up 14.8% during FY19

Nektan announces new sites and revenues up 14.8% during FY19

Gaming technology platform Nektan PLC (LON: NKTN) have seen their full year revenues growth in its B2C and B2B segments, and a record number of partners live in the fourth quarter.

Despite the impact of UK taxation and player verification – which affected the Company in Q3 and Q4 – the Group’s full-year revenue still grew 14.8% on a year-on-year basis. The Company attributed this to strong growth in the sales pipeline of its B2C and B2B sectors.

B2C announced the launch of 13 new white label casino sites during the fourth quarter, along with its first mobile bingo offering. B2B noted 12 live partners, up from 10 for Q3. The segment also announced the release of Volt Casino and MoPlay, as well as entry into the African continent with betting companies Betika and BetLion.

The number of game providers in Netkan casino platforms has increased to 42 in Q4, from 38 in Q3. Four new games have been developed with partners Rocksalt Interactive and ReelFeel.

Nektan comments

Lucy Buckley, Chief Executive Officer, said,

“With an established proprietary technology platform and growing sales pipeline, Q4 has seen us go live with more B2C and B2B partners putting us in a strong position to accelerate our growth and increase revenues further over the course of FY20.”

“In the B2B division, we continue 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.”

“Whilst Q4 saw a continuation of the B2C trading conditions we experienced in Q3, we have taken decisive action to structure the Company in response to the changing gaming environment and to provide the strategic platform for expansion and growth in international markets. Furthermore, a number of steps to enhance our product offering, including the launch of bingo and improved player journeys, have been completed in Q4 and we look forward to the new financial year with optimism.”

Investor notes

Perhaps led by recent regulatory conditions, Nektan shares struggled today, down 3.41% or 0.35p to 9.90p a share 31/07/19 13:34 BST. The Group’s p/e ratio and dividend yield are currently unavailable, their market cap is £10.91 million.

Elsewhere in the tech sector, there were updates from; Keywords Studios PLC (LON: KWS), Biome Technologies plc (LON: BIOM), Midwich Group PLC (LON: MIDW) and Boku Inc (LON: BOKU).