Swiftmail

News

Sportech returns to marginal revenue growth for 2019


Sportech increased revenue by 2% year-on-year to £64.8m ($74.8m) for 2019.

However, the marginal annual growth was accompanied by a 5% reduction in adjusted EBITDA, to £9.3m.

Adjusted profit before tax from continuing operations also halved to £1m, during a year of transformation and adjustment for the company.

Accounting for the company’s sports betting investment, Sportech registered a statutory loss before tax from continuing operations of £8.4m.

While Sportech’s revenue may have only grown slightly, it was an improvement on 2018’s financial results, which showed a drop in both reported currency and constant currency.

Richard McGuire, appointed Sportech CEO last July, said: "We continue to progress our strategic agenda focused on driving further development of our group platforms following 2019 growth opportunity investments, while managing the inherent cost base.

"Despite the challenging retail environment and excluding some cost measures taken to reposition the group, our performance in 2019 has been as expected."

Sportech recently posted a market update on how the coronavirus pandemic is affecting business and CFO Tom Hearn will be speaking with Gambling Insider on this and the 2019 results later today.