Online iGaming developer and B2B supplier Nektan has issued a profit warning to its investors as its decline in player deposits continues to be a problem approaching the final quarter of the financial year. Nektan, whose clients include News International and BetVictor, have published a trading update in relation to its financial year that comes to a close at the end of Kine, and have noted that big rises in their revenue will not be matched by their earnings.
It also stated that it expected to deliver double-digit revenue growth as compared to last year, along with reduced EBITDA loss for the financial year of 2019 against last year’s results. Despite this, the group’s targeted EBITDA break even point will not be achieved due to slowing trends that the supplier experienced in the third quarter. They stated that earnings were impacted by a number of different factors, such as first time deposit, which included the continued effect of increasingly tight UK regulations concerning player marketing and verification.
Nektan has, however, forecasted better results for FY20202, and the company has stated that they expect to go live with a large number of new clients over the next few months. In its latest quarterly statement, which was issued in April, the supplier reported a 5.9% increase in revenue as compared to last year. Nektan only released figures on revenue, customer numbers, and staking, meaning that there was no update to their overall performance for the period.
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