International edition
October 28, 2021

Pretax profits on the period were us$ 3.1 million

Sportech announces fall in financial year profit

(UK).- Sportech revealed a slump in full-year profits, which it attributed to refinancing and exceptional costs as it transforms itself into an “international sports, gaming and entertainment business.” The firm showed pretax profits of us$ 3.1 million on the period, down from us$ 12.1 million in 2011, while revenue fell to us$ 169 million, from us$ 178.8 million.


EO Ian Penrose said: "We have revitalised the business over recent years, establishing a unique position in the regulated and emerging gaming markets worldwide, which should deliver significant opportunities, most notably for our licensed gaming business in the USA."

Given the company's UK-centric roots, Penrose said it was pleasing that it had stabilised EBITDA in the UK for the first time in many years, but also that it was generating half of our revenue from North America.

"We have devoted considerable management time and resources in North America in order to develop a stronger business," he said. "Our investment policy helped us win approval to provide online betting on horseracing in Connecticut later this Spring, on an exclusive basis."

Penrose added that the company had strengthened its position as one of the largest operators and providers of online and mobile betting technologies and services, by acquiring eBet Online in December. "We consider that our activities in the North American gaming market, exposure to other regulated gaming markets worldwide and strengthened management team have positioned the Group well to take advantage of the opportunities ahead," Penrose said.

"We will also benefit from the revised financing arrangements and improved cash flow. Whilst economic conditions remain challenging in our two principal markets of the UK and USA, we have started 2013 trading in line with management's expectations," he concluded.

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