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Sportech sales fall

Thursday, 21st March 2019
Betting technology specialist Sportech announced sales fell 3.9% to £63.7m in the year ending 31 December 2018.

Adjusted earnings rose 18.8% to £8m over the same period.

HIGHLIGHTS:

- Statutory loss before tax from continuing operations of £2.4m (2017: £23.2m)

- Adjusted profit before tax from continuing operations (prior to sports betting investment) £2m (2017: £1.5m)

- Cash, net of customer balances at 31 December 2018 of £14.7m (2017: £15.9m)

- Appointment of Richard McGuire as Interim Executive Chairman

- Appointment of Thomas Hearne to the position of Chief Financial Officer

- Completed sale of Sportech Racing BV in the Netherlands and closed central London office

- Conducted independent technology review, which led to acquisition of new digital tech business

Bump 50:50 division added twenty new professional and collegiate sports teams to its customer roster

- Delivered US sports betting presentation to numerous business clients, regulators and legislators

- Commenced campaign to provide sports betting solutions to US clients

- Commenced campaign, seeking to extend current Connecticut licensing to cover sports betting


At 9:20am: (LON:SPO) Sportech PLC share price was -0.45p at 38.55p



Story provided by StockMarketWire.com

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