Update: Funding the move forward
Nektan’s Q3 trading update shows revenues increasing rapidly, albeit from a much lower base than we hoped last year. We are reintroducing FY16 forecasts (EBITDA loss of £5.6m versus our October 2015 target of £0.2m profit) and will add FY17 in July. With Q316 revenue 115% higher than Q216 and following a cost efficiency programme, we believe that a positive EBITDA run rate is within sight. Nektan’s unconsolidated US JV Respin is also picking up steam and now has 54 signed contracts with casino operators. Nektan successfully completed a £2.93m fund-raising at the end of March to support its continuing growth.Nektan and its subsidiaries are engaged in internet or online gaming services; mobile software development; and commercial development in gaming business.
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