Sportech ‘confident’ despite revenue drop in first half

Ian Penrose, chief executive of Sportech, has said that the pools operator remains confident in its underlying strength despite having suffered a year-on-year drop in revenue during the six months through to June 30.

Revenue in the first half totalled £51 million (€71.4 million/$79.8 million), down from a reported £52.6 million in the opening six months of last year.

Earnings before interest, tax, depreciation and amortisation dropped from £12.3 million to £11 million, while adjusted profit before tax also fell from £6.5 million to £5.4 million.

However, Sportech did note that statutory profit before tax jumped from £800,000 in the first half of 2014 to £7.9 million in the same period this year, while adjusted net debt decreased slightly to £63.6 million.

The results come at an uncertain time for Sportech, with the company having recently received a takeover offer from Contagious Gaming.

Reflecting on the results, Penrose said that the company remains confident in its strengths and will continue to explore options moving forward.

“We have built a portfolio of highly regulated businesses in the US and UK, and have continued to invest in each to bring through innovation and technological improvements,” Penrose said.

“We are now well positioned to build upon our unique position, based on our regulated racing and pools operations.

“Our industry is currently experiencing a period of considerable consolidation, and we continue to explore all options to deliver strategic value for our shareholders.

“We remain confident in the underlying strength of the business.”

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