One of the leading pool betting companies and technology providers on a global scale – Sportech – revealed its interim results for the first half of the year ended on June 30th.
The Chief Executive Officer of the company Ian Penrose commented on the provider saying that Sportech had had a good first six months which were in line with the expectations of the management. In addition, its performance made progress in both new and already existing international markets. Mr. Penrose also added that the Football Pools division had managed to become more stable after the company spent several years to remodel it.
According to the CEO’s statement, the company’s board was satisfied with its strategic position but remained focus on the issues related to further investments in each of the provider’s divisions in order to help them deliver their full potential.
The company announced a first-half revenue of £48.7 million after a 5% drop in compared to the £51.0 million reported in the same period in 2015. Sportech sustained its earnings before interest, taxes, depreciation and amortisation (EBITDA) at £11 million.
A statutory pre-tax profit drop estimated to 66% to £2.7 million was revealed by the company in the first six months of the fiscal year in comparison to the £8.1 million generated in the same period a year ago. The result last year was considered to have been due to the one-off disposal of the company’s online gaming interests in New Jersey.
Sportech also provided information about the performance of each of its divisions. The Racing and Digital division of the company posted a revenue of £17.8 million, which was a slight drop from last year’s one. The EBITDA announced by the division was estimated to £4.3 million.
Sportech Venues also posted a revenue decline from £18 million in the first six months of 2015 to £17.4 in 2016 H1. EBITDA was £1.5 million. The revenue generated by continuing channels in its Football Pools division amounted to £14 million, and the EBITDA was estimated to 7 million.
Thanks to the value-added tax (VAT) return, the management of the UK-based online gambling and entertainment company reduced its net-debt to £59 million. On the other hand, the cash balance of Sportech increased to £36 million.
- Author
Olivia Cole
