(Alliance News) - Nektan PLC said Monday its first half revenue of business-to-business division more than doubled on the previous year following a group restructuring programme.
Shares in the mobile gaming and casino technology platform were up 45% in London on Monday morning at 3.98 pence each.
At the beginning of January, Nektan sold its loss-making UK business-to-consumer unit, allowing it to focus on its B2B business.
In a statement Monday, Interim Chief Executive Officer Gary Shaw said: "The restructuring represents an important milestone for Nektan. We can now focus on executing our strategy of becoming a dedicated casino technology and gaming content provider globally. These initial results support the directors' decision to focus solely on B2B opportunities."
In the six months to December 31, Nektan recorded B2B revenue of GBP787,000, more than double the GBP311,000 reported the year before. In December alone, Nektan's B2B revenue was GBP225,000.
Nektan now has 28 live sites, generating revenue, which is sharply higher than the 5 live sites the year before. The company has 6 sites in beta stage and a further 21 in its pipeline to launch.
Shaw continued: "The last few months have seen an intense period of activity culminating in now having 34 sites live. With the majority of these going live at the back end of the calendar year, combined with a 3 to 4 month ramp up period, we expect to report further significant revenue growth during the current quarter - early signs in January underpin this."
As a result, Nektan is now guiding for monthly earnings before interest, tax, depreciation and amortization to be break-even by the end of financial 2020.
By Paul McGowan; paulmcgowan@alliancenews.com
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