Nektan Confident Of Break-Even Year End Trade

B2B oriented Nektan Plc remains optimistic it will be able to reach EBITDA break-even performance by year-end trading.

Nektan released its corporate results for the six-month period ended 31 December 2019 (H1 2019), reporting corporate revenues of £ 800,000, up 157 percent on the £ 310,000 corresponding to H1 2018.

The London-AIM business has pointed to its enhanced market pipeline, which sees its apps in 34 brands operating.

Further improved topline results saw Nektan lower its adjusted EBITDA losses from the equivalent £ 1.77 million to £ 1.65 million.

Nektan offloaded the entire B2C business to Grace Media for £ 200,000 during the operating time, a time in which corporate costs due to impairment charges, extraordinary products and administrative expenses totalled £ 3 million.

Closing its 2019 H1 accounts, Nektan reported a £ 2.5 million operating loss, up 6.9 percent from the loss of 2018.

Gary Shaw, interim chief executive officer of Nektan said: “While we are currently live with 34 sites across multiple continents, we see a strong pipeline of partner launches from leading global businesses to deliver their online gaming solutions.

“The roll-out of these sites should take place over the next 2-3 months, which will significantly transform the revenue profile of the group.”

Closing its trading statement, Nektan explained that it was closely monitoring developments in COVID-19 in negotiations with advisors and stakeholders on company options.

“The effects of COVID-19 are only beginning to be understood by the company and our sector, which creates material uncertainty as we understand the effects on our key stakeholders,” Shaw added. “The directors are assessing all available options and we will provide further updates as appropriate.”

joe profile pic

About Joe Kizlauskas

Joe is a seasoned iGaming copywriter and speaker who has been in the business since 2015. He's written more words on all elements of iGaming than he likes to remember, and he's contributed material to a number of well-known brands. Joe may be seen playing 5 a side, at the gym or playing games on his Playstation when he is not writing.