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Nektan in position for coming year after 'decisive action' and client launches in fourth quarter

“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”

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A number of new B2B clients projects are expected to go live during the remainder of 2019

Nektan PLC (LON:NKTN), the online gaming technology provider, grew revenue 15% in the year to 30 June and said recent client launches put it in a “strong position” for the new year.

Total sales for the year came in at £22.5mln versus £19.6mln last time, mostly from business to consumer (B2C) net gaming revenues, which were up 11% as cash wagering rose 7% but first-time cash players dropped 16%.

The business-to-business (B2B) arm grew revenue fourfold to £0.98mln, with a tripling in the fourth quarter, and chief executive Lucy Buckley said “exciting progress” was being made, talking to an increasing number of larger market participants around the world.

“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,” she said.

She conceded that the fourth quarter had seen a continuation of the B2C trading conditions experienced in the third, with B2C net revenue down 33%.

But Buckley said: “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.”

Quick facts: Nektan PLC

Price: 4 GBX

AIM:NKTN
Market: AIM
Market Cap: £9.67 m
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