LONDON (Alliance News) - Nektan PLC on Monday reported growth in revenue in the first half of its financial year but warned on earnings and sales for the full year due to a delay in a large contract.
The mobile gaming platform and content provider said total revenue in the six months ended December 31 increased to GBP1.6 million from GBP250,000 in the same period the year before, but warned that while it has achieved "significant growth" in net gaming revenue in Europe, a delay in the acceleration of a large contract worth around GBP7 million will hit group revenue and earnings before interest, tax, depreciation and amortisation for the full year.
The accelerated launch is now expected to occur towards the end of the year in June.
Nektan added that it has appointed Graham Bradshaw as interim finance director. Bradshaw has held senior finance positions at companies including Sportingbet PLC.
"With a reduced cost base and the high growth rates being achieved, we believe that the company will start fulfilling its undoubted potential," Non-Executive Chairman Jim Wilkinson said in a statement.
Shares in Nektan were trading down 32% at 73.00 pence on Monday morning following the announcement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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