Sportech revenue down for H1 amid restructuring
Sportech reported a 2% year-on-year fall in revenue to £32.6m ($39.5m) for H1 2019, with a decrease in adjusted EBITDA of 13% to £3.4m.
Gross profit for the period was £22.8m, a 5% drop.
The report showed revenue growth in the supplier’s Racing, Bump 50:50 and Lottery products were all offset by challenging handle for its land-based betting experience product, Venues.
Despite the fall in revenue, Sportech reported decisions taken to restructure the business in H1 resulted in cash outflows of £1.5m, a 12% increase.
The company underwent changes in management last month which saw the appointment of CEO Richard McGuire and Non-Executive Chairman Giles Vardey.
McGuire said: “Sportech has made good progress in the period, with the group’s senior management team bolstered to help ensure accountability and increased effectiveness across every business line.
“Rigorous cost management remains a core focus for the group and the board expects to see further benefits going forward from the measures already taken.”
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