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05 Apr 2019 | 07:36

Nektan third-quarter revenue rises 5.9% on B2B growth

Gambling company technology provider Nektan posted a 5.9% rise in third-quarter revenue on-year, bolstered by its business-to-business unit.

Revenue in the business-to-business segment for the three months through December rose to £350k, up from £83k on year.

Business-to-customer gaming revenue was flat at £5.1m.

Nekten said business-to-customer revenue was expected to improve in the fourth quarter, due to the continued growth and breadth of its casino network.

'Developments on the sale of our majority stake in the US division Respin are progressing and we expect to conclude this shortly and before 30 April 2019,' chief executive Lucy Buckley said.

'This transaction will mean us maintaining a material stake in the emerging US market while removing the cash burn of this business.'

'As a result of that deal, the other inter-conditional transactions, namely the fund raising and CLN conversion, are due to complete as well, putting Nektan in a very strong position to capitalise on our global growth prospects.'

Story provided by StockMarketWire.com
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