Top Movers

Sportech narrows statutory loss as it seeks to expand in US

By Josh White

Date: Thursday 21 Mar 2019

Sportech narrows statutory loss as it seeks to expand in US

(Sharecast News) - Betting technology provider Sportech reported a 3.9% fall in revenue in its final results on Thursday, to £63.7m.
The London-listed firm said adjusted EBITDA for the year ended 31 December was £8m, which was 18.8% higher year-on-year prior to sports betting investment, while its statutory loss before tax from continuing operations narrowed to £2.4m from £23.2m.

Its adjusted profit before tax from continuing operations, prior to sports betting investment, rose to £2m from £1.5m a year earlier.

Cash, net of customer balances, as at at 31 December was £14.7m, down slightly from the £15.9m reported in 2017.

On the operational front, Sportech noted that it appointed Richard McGuire as interim executive chairman and Thomas Hearne as chief financial officer during the period.

It completed the sale of Sportech Racing BV in the Netherlands, and closed its central London office, while it also conducted an independent technology review, which led to the acquisition of a new digital tech business.

The company's 'Bump 50:50' division added 20 new professional and collegiate sports teams to its customer roster, while Sportech delivered a US sports betting presentation to numerous business clients, regulators and legislators.

Sportech began a campaign to provide sports betting solutions to US clients during the period, as well as one seeking to extend current Connecticut licensing to cover sports betting.

"The group enters 2019 with a renewed impetus to drive operational efficiency across all business divisions and deliver an enhanced customer experience," said executive chairman Richard McGuire.

"Growth opportunities exist with the launch of new betting products and features and a resolute progress towards a future in US sports betting across both our business and our consumer-facing divisions.

"The acquisition of the Systems platform and talent show a clear focus on developing digital initiatives further, which supports our continued evolution to deliver growth and drive operational efficiency."


Email this article to a friend

or share it with one of these popular networks:

Top of Page