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.”