Nektan posts triple-digit growth on new B2B partnerships
Supplier also raises £1.8m after issuing 5.1 million new shares and 3.3 million subscriptions after the reporting period
Platform supplier Nektan recorded a 124% year-on-year growth in revenues of £13.3m for the fiscal year ending June 2017.
The firm, which provides platform solutions and operates a number of B2C brands, reported a 165% increase in first time deposits of 130,105, with a cash wagering total of £390.3m.
A number of key improvements were made to the firm’s front-end system during the fiscal year, including localisation and multi-currency support, customisation by site, account validation by SMS and a new fully native iOS app.
Nektan’s first global platform deal with Malta-based Tyche Digital Media Limited was signed after the reporting period. The agreement will involve the integration of the firm’s games aggregation platform.
Additionally it has gone live with Videoslots via Konami Gaming, with both deals expected to generate significant revenue for Nektan in H2 2018.
However, Nektan this week also reported an adjusted EBITDA loss for the period of £3.4m, including a £752k loss following the acquisition of Respin in 2016.
In H2 2018, £1.8m was raised from issuing 5.1 million new shares and 3.3 million subscriptions.
In an analyst note Regulus Partners said the company was benefitting from three key trends, namely the growing number of partners using its aggregation solution, emerging technologies and its CRM capabilities.
“The extent to which these strategic strands can be brought together to generate profitable growth probably depends upon at least one of three factors coming through, in our view: Nektan becomes the aggregator of choice to a critical mass of operators, providing sustainable value as a ‘pipe’; it becomes sufficiently embedded with successful partners that it can substantially increase its share of revenue,” the note continued.