Nektan losses widen

Gibraltar-based mobile content and platform provider Nektan plc has posted its first set of public earnings (for the year to June 30) since its AIM listing in London last year, reporting a GBP 5.1 million loss but predicting strong growth going forward.

Management reported that significant progress has been made, although the numbers show a 72 percent decline in revenues to GBP 528 (2014: GBP 1.86 million)

The company reported an adjusted EBITDA loss of GBP 5.1 million (FY 2014: loss of GBP 3.4 million) and pre-tax losses of GBP 8.1 million.

Taking an optimistic view, Management reported that significant operational progress was achieved in the year and predicted strong growth through partnerships with operators like Sun Play mobile casino and joint ventures in the USA with Spin Games LLC.

CEO David Gosen, said that the company enjoys strong quarterly growth in Europe and good momentum in the United States through its joint venture Respin.

“Our pipeline remains very encouraging and, along with our existing partner base, emphasises the strength of our proprietary, scalable platform, content and sector expertise, all of which leave the group well-positioned to benefit from the opportunities available to us in a growing market,” Gosen claimed.

“We remain confident in our outlook for the full year and beyond as Nektan continues to strengthen its position.”