Sportech emerges leaner following financial review

Betting tech firm Sportech PLC has reported full year results for the 2017 financial year detailing a corporate restructuring and the completion of a cost reduction programme following a comprehensive financial review.

The company revealed plans to focus and leverage opportunities going forward aimed at the possibility of a liberalised US sports betting market.

Key performance indicators for the 12-month period ending December 31, 2017 include:

Revenues of GBP 66.3 million, 2 percent higher than reported for 2016 but 2 percent lower in constant currency.

Adjusted EBITDA of GBP 6.7 million (2016: GBP 8.5 million).

Statutory loss before tax of GBP 23.2 million (2016: profit, GBP 63.6 million).

Adjusted profit from continuing operations, GBP 1.5 million, up from GBP 0.7 million

Andrew Gaughan, CEO of Sportech, commented:

“2017 was a year of material change for Sportech and 2018 is shaping up to be one of significant opportunity.  Our recurring revenue in our Racing and Digital business is further being enhanced by additional sales opportunities and commingling along with the growth in our Bump 50-50 business.  We have an enhanced platform for growth in our Venues division.  Both should see benefit from a liberalisation of sports wagering in the US.”

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