Nektan reveals ‘significant progress’ as finances rocket in H1

Leigh Nissim, chief executive of Nektan, has hailed the firm’s performance in the six months through to December 31, 2016, after it was able to post year-on-year growth across key finances.

Revenue amounted to £5.7 million (€6.8 million/$7.1 million), a significant rise of 252% on the £1.6 million generated in the corresponding period during the previous year.

Adjusted earnings before interest, tax, depreciation and amortisation improved from a loss of £3.7 million in 2015 to a negative of £1.5 million in the most recent period, while operating loss totalled £512,000, compared to just over £5 million in 2015.

Elsewhere, Nektan said profit before taxation came in at $1.2 million, up from a loss of $6.6 million, while adjusted loss before taxation amounted to $2.9 million.

At the end of the six-month period, Nektan said both basic and diluted earnings per share stood at 4.9 pence, compared to a loss of 28.9 pence in the previous year.

“The business continues to make significant positive progress as Nektan transitions from a white label operator to a leading international gaming solutions and services provider,” Nissim said.

“Nektan's access to high-quality casino manufacturer game titles, coupled with our proprietary technology platform, Evolve, and licensing infrastructure, presents B2B opportunities for game licensing and software supply in Europe under traditional licensing arrangements.

“The formal launch this quarter of our B2B business with a distribution agreement signed with Spin Games and a partnership agreement with Hi5 Games, positions Nektan favourably as a new and innovative supplier in an important area of the interactive gaming market.”

Nissim added: “We are encouraged by these developments which are in line with our strategy to leverage our assets, expertise and networks across both North America and Europe, helping to maximise revenue in both territories.”

Related article: Nektan signs distribution deal with High 5 Games