Nektan announces 65 revenue increase for Q1

Nektan has announced record results for Q1 for the financial year ending 30 June 2019.

Between July and September, the supplier saw its net gaming revenue increase 65% year-on-year to £6.4m ($7.8m).

Cash wagering rose 41% year-on-year to £178.3m.

Both of these figures also grew from the previous quarter's totals, although first-time depositors fell 10% from the previous quarter and 3% year-on-year to 38,981.

Nektan now delivers gaming content to 143 casino brands and has 14 live global B2B deals; an increase from the previous quarter’s 12.

The supplier is reviewing business opportunities in the US market, with the objective of reducing the cash burden on the company within the next two quarters.

Gary Shaw, Nektan Interim CEO, said: “Q1 FY19 has been very strong and we have seen accelerating growth momentum across all business lines.

“Since becoming a public company in 2014, Nektan has seen only one quarter-on-quarter decline in revenue, which was during this usually quieter period of activity in the same period last year, so we are very encouraged to see such a positive quarter and expect this success to continue.”