AIM-listed on line casino gaming know-how agency Nexteq confronted a “difficult yr” in 2024 after a handful of senior resignations left the brand new govt crew to “restructure the enterprise completely”.
Talking to UKTN, CEO Duncan Faithfull – who was promoted to the highest job final August – acknowledged that the sudden exit of former chief govt Jon Jayal, CFO Johan Olivier and non-executive chair Francis Small final yr put the corporate in a tough place because it sought to show round its fortunes.
The senior resignations helped push the agency’s inventory worth right down to lower than half of its 2024 peak of £1.52 in February.
The difficulties have additionally damage the corporate’s backside line, with income dropping 1 / 4 to $86.7m for the yr ended December 2024.
Nexteq’s adjusted gross revenue fell from $41.5m in 2023 to $31.1m.
The muted efficiency final yr was additionally partly right down to elevated prices for its main shoppers amid wider macroeconomic hardships.
Faithfull famous that whereas the spending energy of On line casino’s and pubs fell, the interval of excessive inflation and rates of interest didn’t forestall customers from playing, with the CEO claiming the “participant numbers are literally growing”.
“It was an enormous yr of change inside Nexteq,” Faithfull mentioned. “numerous the earlier executives left and we picked up the baton and since then, we’ve been very a lot centered on what occurs subsequent, versus worrying about all of that stuff.”
Among the many modifications at Nexteq is a give attention to growing software program alongside its core enterprise of bodily playing cupboards. The corporate expects to launch a brand new software program product in October this yr.
The corporate projected income for 2025 to be largely unchanged because it continues to restructure and launch new merchandise. Nexteq expects income to select up from 2026, with a forecast turnover of $94.1m, rising to $108m the next yr.
The Cambridge-based agency primarily develops tech merchandise for the playing trade but additionally has a secondary enterprise offering show know-how to varied sectors together with healthcare.
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