AIM-listed casino gaming technology firm Nexteq faced a “challenging year” in 2024 after a handful of senior resignations left the new executive team to “restructure the business totally”.
Speaking to UKTN, CEO Duncan Faithfull – who was promoted to the top job last August – acknowledged that the sudden exit of former chief executive Jon Jayal, CFO Johan Olivier and non-executive chair Francis Small last year put the company in a difficult position as it sought to turn around its fortunes.
The senior resignations helped push the firm’s stock price down to less than half of its 2024 peak of £1.52 in February.
The difficulties have also hurt the company’s bottom line, with revenue dropping a quarter to $86.7m for the year ended December 2024.
Nexteq’s adjusted gross profit fell from $41.5m in 2023 to $31.1m.
The muted performance last year was also in part down to increased costs for its primary clients amid wider macroeconomic hardships.
Faithfull noted that while the spending power of Casino’s and pubs fell, the period of high inflation and interest rates did not prevent consumers from gambling, with the CEO claiming the “player numbers are actually increasing”.
“It was a big year of change inside Nexteq,” Faithfull said. “a lot of the previous executives left and we picked up the baton and since then, we’ve been very much focused on what happens next, as opposed to worrying about all of that stuff.”
Among the changes at Nexteq is a focus on developing software alongside its core business of physical gambling cabinets. The company expects to launch a new software product in October this year.
The company projected revenue for 2025 to be largely unchanged as it continues to restructure and launch new products. Nexteq expects revenue to pick up from 2026, with a forecast turnover of $94.1m, rising to $108m the following year.
The Cambridge-based firm primarily develops tech products for the gambling industry but also has a secondary business providing display technology to various sectors including healthcare.
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