The boss of Nektan PLC (LON: NKTN), the gaming technology specialist, hailed as a major milestone the company’s move to break-even in the last financial year.
“[It] was reached due to both increased revenues and operational efficiencies,” said chief executive Lucy Buckley, who added that the business was focused on “maintaining and improving profitability”.
The company’s revenues for the 12 months ended December 31 grew 48% to just over £13mln, while adjusted EBITDA (underlying profit) was £336,000.
Nektan has recorded an impairment charge against its US operation, Respin, in which a majority stake is being sold. The disposal is expected to be announced no later than the end of next month.
It said it remains in the discussions with the UK tax authority over a £2.9mln point of a consumption tax bill, which it said: “Will be significantly reduced by virtue of the funds received from the equity fundraising and part disposal of Respin”.
In a year of significant progress, the company found traction for its white label product, taking the number of fully-managed global casino brands to a record 152 across Europe.
The higher-margin business-to-business division, meanwhile, has become a “significant global revenue driver” with 10 partners live by the year-end. It has added several new deals since, including Addison Global's MoPlay.