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Nektan

  • BY: Andrew Hore |
  • POSTED: 09/01/2017 |

B2B gaming services provider Nektan says net gaming revenues have grown 71% to £3.6m (quarter-on-quarter). 

In the three months to December 2016, transactions processed doubled to 122.7 million and first time depositors were 151% ahead at 35,215. Compared with the corresponding quarter last year there has been growth of more than 200% on all these measures.

These rates of growth are still not fast enough to push the business into profit. In the year to June 2016, revenues jumped from £528,000 to £5.78m but the loss still increased from £8.12m to £10.5m.

There was a 0.5p recovery in the share price to 29p.

Nektan has raised £2.275m at 27.5p a share and is offering shareholders the chance to subscribe for £500,000 at the same share price. That was a 15% discount to the market price but it at one point fell to 25.5p - compared with the November 2014 flotation price of 236p.  There are also warrants which will be reprised if there is a fundraising at a lower share price in the next six months.

Nektan admits that it will require further funds given the significant cash outflow from the business.

Conversion of loans means that Nektan’s stake in US business ReSpin has been raised from 50% to 85%. 

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