Sportech plans further investment to support development

Ian Penrose, chief executive of Sportech, said the company is planning to invest in future development after announcing a slight drop in revenue but huge growth in pre-tax profits during 2015.

Full-year takings at the operator, which owns The Football Pools, totalled £100.2 million (€129.6 million/$140.9 million), 4% less than the £104.1 million posted in the previous year.

Earnings before interest, tax, depreciation and amortisation amounted to £23.1 million, 4% lower than the previous year but in line with expectations.

Adjusted profit before tax fell 18% year-on-year to £11.8 million, but statutory profit before tax rocketed 149% from a loss of £20 million last year to a positive figure of £9.7 million in the past 12 months.

Sportech also noted that it was able to cut its net debt by 10% to £57.7 million.

“The group has reached an important stage in its development, as our US business makes continued progress on many fronts, and our UK Football Pools business arrives at the inflection point of expected stability after years of modernisation,” Penrose said.

“Overall, the board is pleased with the strategic position that each of its divisions has secured, but recognises that each division will also require further investment, ahead of anticipated revenue and profit benefits, to better enable them to deliver their full potential.

“We continue to evaluate opportunities to deliver the full potential of our divisions whilst ensuring we maintain prudent financial ratios.

“In this regard, over the past twelve months we have considered approaches for the group as well as for The Football Pools.

“Despite this, we have remained focused on our operations and we will continue to investigate any proposals that recognise the value of the inherent potential of these businesses.”

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