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Nektan forecasts double digit revenue growth and 'significantly reduced' losses for full year

Lucy Buckley, the group’s chief executive, added that going forward a number of developing opportunities in the firm's B2B arm could have a “transformational impact” on the business

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Nektan specialises in online gaming technology

Nektan PLC (LON:NKTN) is expecting double digit revenue growth and a heavily narrowed loss in its current year.

In a pre-close update for its financial year ending 30 June, the online gaming technology specialist said its earnings (EBITDA) loss for the period would be “significantly reduced” compared to the prior year, however the group would not achieve EBITDA breakeven due to “slower trends” in its third and fourth quarters including UK regulations around player marketing and verification which was affecting deposits.

READ: Nektan poaches new CFO Simon Hay from GVC

Lucy Buckley, the group’s chief executive, said the company had taken a number of actions in its B2C business that were delivering positive underlying results and expected to translate into better performance, including increased margins.

She added that a new pipeline of partners and product launches meant the group was confident of returning to quarter-on-quarter growth in the first quarter of its new financial year.

Meanwhile, Buckley said a number of developing opportunities in Nektan’s B2B business were expected to go live before the end of the 2019 calendar year and had scope to have a “transformational impact” on the business.

The CEO added that the group would provide a more detailed update on the group’s forth quarter trading in July.

In early trading on Monday, Nektan’s shares were steady at 10.3p.

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