Nektan CEO resigns after nine months
Lucy Buckley resigns with immediate effect as company faces plunging B2C revenues
Nektan CEO Lucy Buckley has resigned from the business after nine months in the role, the supplier announced Tuesday.
Buckley joined the AIM-listed supplier back in December but said Tuesday it was “the right time to step away from the business”.
Her resignation is effective immediately, with executive director and company founder Gary Shaw stepping in as interim CEO.
The board has begun a search for a full-time successor, with Buckley remaining available for the board to “enable a smooth transition to a new leadership structure”.
“As part of the recent restructuring of the business, now is the right moment for me to step away from the role of CEO,” Buckley said.
“The business has a solid foundation of proprietary technology and a fast-growing B2B business that will help it capitalise on the many global opportunities ahead” said Lucy Buckley.
The company said in its results in July it was restructuring with a focus on B2B after posting a 33% drop in B2C revenue for the quarter.
The firm’s B2C revenue was more than 10x the size of B2B revenue.
Nektan Q4 KPIs
| Q4 FY19 | Q3 FY19 | Change | Q4 FY18** | Change | |
| Revenue* | £4.1m | £5.4m | -24.1% | £5.8m | -29.3% |
| B2C Net Gaming Revenue | £3.8m | £5.1m | -25.5% | £5.7m | -33.3% |
| B2B Revenue | £0.33m | £0.35m | -5.7% | £0.11m | 200.0% |
| B2C First Time Depositors (FTDs) | 23,850 | 31,914 | -25.3% | 43,289 | -44.9% |
| B2C Cash Wagering | £110.9m | £141.0m | -21.3% | £162.9m | -31.9% |
Shaw added: “On behalf of the Board, I would like to thank Lucy for her stewardship during a period of industry change and challenges in the UK market.
“The Company remains confident that its sales pipeline has the scope to drive significant revenue growth in both the B2C and B2B divisions.”
The firm has seen its share price drop by around 50% since March.
