Nektan restored to London Stock Exchange after posting £22.6m in full-year revenue

By Iqbal Johal

Nektan has seen total revenue increase 14% year-on-year after publishing its financial results for 2019.

Total revenue for the year ending 30 June 2019 increased to £22.6m ($29.6m) but total losses rose 31% to £9.2m, put down to a period of restructuring.

Publication of Nektan’s full-year results means it has been restored to trading on the Alternative Investment Market (AIM) of the London Stock Exchange, after being suspended from trading in early January for failing to publish its records on time.

The group also recorded a revenue rise of 153% for the last six months of 2019 in its B2B division.

The casino provider’s B2B revenue reached £787,000 in the six months to the end of December, while revenue for December 2019 more than doubled to £225,000 month-on-month, during a busy period which has seen six new sites launch, taking Nektan's total to an overall 34.

Nektan also announced in its trading update a further 21 sites are to be launched over the next few months, launching in Latin America during Q3 2020, to add to its Europe, Africa and Asia expansion.

Interim CEO Gary Shaw said: "The restructuring represents an important milestone for Nektan. We can now focus on executing our strategy of becoming a dedicated casino technology and gaming content provider globally. These initial results support the directors’ decision to focus solely on B2B opportunities."

Nektan’s restructuring includes selling its B2C business to Grace Media for £200,000 earlier this month.

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