Sportech Reports Flat Sales, Seeks US Boost

Pool and sports betting operator Sportech announced year-on-year flat sales and a drop in interim results for the six months up to June 30.

Revenue slightly fell from £57.7 million to £ 57 million while the company reported an adjusted profit before tax of £5.9 million , down from last year’s £7.4 million. Earnings before interest, tax, depreciation and amortisation fell from £12.6 million to £11.8 million.

Sportech, which has launched a request for proposals for a technology partner in the US, said that an increase in marketing spend had depressed profitability in its e-gaming division.

“We have delivered a solid set of results and continue to make strategic and operational progress and build on our unique market position,” Sportech chief executive Ian Penrose said.

“The United States is a strategically important market for Sportech and I am delighted that our efforts have led to a 22% growth in EBITDA in our Sportech Racing business, which now accounts for over 40% of Sportech’s operational EBITDA.”

“With several significant new contracts in place, new products coming into the market soon, a flagship betting and sports bar opening later this year in Connecticut and full launch of Connecticut’s only legal online horseracing betting platform by the year end, we are pleased with the momentum in our US business for 2014 and beyond.”

“The strong performance of this business and its importance to the Group’s future success has helped mitigate the challenges faced in e-Gaming during the period.”

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