Nektan full-year loss âbetter than expectedâ
Las Vegas-based mobile platform provider says it expects to post revenues of $778,000 and a loss of $8.6m for year ended 30 June
 Nektan is on track to post net revenues of US$778,000 and an EBITDA loss of $8.6mm for FY2015, the company said in its second trading update since listing on Londonâs Alternative Investment Market (AIM) in November. [private]
The Las Vegas-based mobile gaming supplier, whose financial year runs to 30 June, revealed real-money revenues more than doubled during the second half of the year to $380,000 with ten new mobile casino partners added, taking its total to 20.
The supplier said its Respin US joint venture with Spin Games was building âtangible momentumâ and was now live in four land-based casinos across Nevada and California.
The firm also said the number of players making deposits had increased fourfold compared with H1, and the conversion percentage of registrants to first time depositors had more than doubled.
Nektan said its predicted adjusted EBITDA loss of $8.6m was âbetter than expectedâ due to âtight managementâ of its fixed cost base during the period.
The firm said it had made âconsiderable progressâ in its target European and US markets during the period, despite the delay in securing additional funding earlier in the year.
Nektan said the delay held back the rate of investment and revenue growth in H2, but since securing additional funding spending had resumed.
CEO David Gosen said his firmâs strategy of targeting European and US markets remained âunchangedâ and the firm was focusing more on its RMG offering.
â[â¦] we are now prioritising RMG as the growth engine to ensure the group delivers profitable revenue growth and sustainable value to our shareholders,â Gosen said.
âOur focus is already delivering positive results with increases in our real money gaming live partners and a growing pipeline,â he added.
Gosen, who previously held senior roles at Xbox Europe and Nintendo Europe, was appointed to head-up the supplier earlier this year.