Nektan net gaming revenue surges 88.4% year-on-year

Nektan, an international B2B gaming solutions and services provider, grew its net gaming revenue (NGR) by 88.4% to £3.9 million in the first quarter from £2.1 million the year before.

But NGR dropped by 6.6% from the £4.2 million achieved the previous quarter, which the company said was driven by a combination of seasonality and a higher pay-out ratio.

The number of first time depositors surged 186% year-on-year to 40,148, but this was 5.4% lower than the fourth quarter.

Cash wagering was up 125.3% year-on-year to £126.7 million.

The company expects to announce its first platform deal in relation to its B2B business in the next month. The core Nektan Evolve technology will be used to deliver a mobile casino games platform in up to 23 countries with the business partner responsible for B2B localised licensing.

The solution is expected to be live before the end of the calendar year.

Gary Shaw, interim chief executive officer of Nektan, said: "Our core European business continued to progress in Q1 FY18 as expected. The proposed launch of new commercial partners during the current quarter will see that growth continuing."

At 8:02am: (LON:NKTN) Nektan Plc share price was +1p at 27p