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25 Mar 2019 | 08:20

Nektan losses deepen amid US asset disposal

Gambling industry technology and services provider Nektan posted a deeper annual loss as it discontinued operations in the US.

Net losses for the six months through December amounted to £4.8m, compared to losses of £4.0m on-year, and included a writedown on the value of the US assets held for sale.

Operating losses for continuing operations were £0.2m, compared to losses of £1.9m on-year.

Revenue rose 48% to £13.0m, while adjusted Ebitda swung to a profit of £0.3m.

'Achieving Ebitda break-even during the period is a key milestone for Nektan and our key focus for the remainder of FY19 is on maintaining and improving profitability,' chief executive Lucy Buckley said.

'Ebitda break-even was reached due to both increased revenues and operational efficiencies.'

'Whilst we believe in our US mobile casino product, and are excited about the macro trends in the market, the proposed sale of the majority shareholding of our US subsidiary is a major contributor to our profitability plan by removing Nektan funding for the US going forward, but retaining a material stake in the emerging US market.'

At 8:20am: (LON:NKTN) Nektan Plc share price was -0.75p at 13p

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