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NEWS 21 March 2019

Sportech’s 2018 revenue falls while US efforts increase

By Matthew Enderby

Sportech saw a decline in revenue for 2018, falling 4% to £63.7m ($83.9m).

However, adjusted EBITDA for the year rose 19% to £8m.

Adjusted profit before tax from continuing operations, prior to investment in US sports betting, was also up 25% to £2m.

This helped the supplier narrow its losses before tax from continuing operations to £2.4m, a 90% reduction from 2017.

In 2018, Sportech did increase its efforts in the US and delivered presentations to clients, regulators and legislators.

The supplier also completed the sale of Sportech Racing BV in the Netherlands and closed its Central London office.

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

"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."

RELATED TAGS: Financial | Industry
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