Nektan shares spike following strong quarterly report

Nektan shares spike following strong quarterly report

Nektan plc (LON:NKTN) saw its share price increase sharply as they celebrate a record-breaking quarter and increased full-year profits, in the wake of launching new sites.

The AIM-listed gambling product firm reported that its net gaming revenue was up 48 percent from 2017, at £19.4 million. By the end of the year, the number of first-time-depositors increased by 20.4 percent to 156,703,  and cash wagering was up 43.4 percent, to £559.8 million.

“We see the business continuing to strengthen further and growth opportunities within both existing markets and, most encouragingly, in the rapidly accelerating demand for our technology from international partners, especially in Asia.” said interim chief executive, Gary Shaw.

“In addition, with our licensed US mobile gaming platform, we are very well placed to take advantage of the huge opportunity presented by the opening up of the sector in the United States.”

As well as seeking to expand its successful US subsidiary, Rapid Gaming, Nektan will take on rivals such as Playtech (LON:PTEC) in the Asian market, which is becoming increasingly saturated.

The company can attribute much of its success to the 13 new sites and the 4 new partners it gained in the fourth quarter. Its share price has increased 26 percent, or 5.2p, since markets opened this morning.