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Nektan revenues expand despite decrease in first-time users
White label gaming software and services provider Nektan increased net revenues in its third trading quarter, despite a downturn in first-time depositors.
The 44.8% year-on-year gain in Nektan's net gaming revenue to £5.1m was also an 8.2% gain on the preceding quarter.
AIM-quoted Nektan saw the number of first-time depositors slip 5.4% year-on-year and 1.5% on the previous quarter to all 36,359 new users due to its "continued focus on the quality of the player and spend".
The company generated £83,000 in revenue from its B2B wing, up from the £47,000 made in the prior quarter.
Nektan, which launched 18 new sites and five new partners in the three months leading to 31 March, now operates a total of 111 brands from 49 partners and has plans to launch up to 20 new sites from both existing and new partners throughout the quarter ending 30 June.
A total of 73 games were launched in the quarter, from three new as well as existing game vendors, further diversifying Nektan's game portfolio.
Gary Shaw, the founder and former chief executive who is standing in again as interim CEO as a permanent replacement is found, said, "Our results clearly demonstrate Nektan's growing commercial and operational strength throughout international markets. The significant increase in net gaming revenues and cash wagering from our European white label business represents continuing growth momentum."
"This growth, at the same time as launching into new markets, underlines Nektan's strength of management and technical capabilities. I am particularly pleased with our ability to expand, deploy and support in multiple geographic markets during this period from our stable, centralised cost base, delivering incremental revenue growth to the group," he added.
As of 1000 BST, shares had gained 5.56% to 19.00p.