Sportech sees 41% decline in revenues

The betting technology provider has reported its final results for 2020, showing a 41 per cent drop in revenues.

UK.- Sportech has reported a 41 per cent fall in revenues to £45.7m, down from £64.7m in 2019.

However, the company highlighted that its “performance was better than initially forecast in March 2020”. It said the decline was due to the impact of Covid-19.

EBITDA was £2.5m, down from £9.3m, with an annual loss of £12.8m.

CEO Richard McGuire said: “The pandemic created unprecedented challenging conditions for our businesses and the industries that we serve. We continue to take the necessary actions to safeguard the group and to progress our strategic agenda.

“Despite the challenging global environment, our performance in 2020 was better than initially forecast in March 2020, with Sportech delivering on key 2020 performance metrics, namely cash generation from operational activities, effective capex management and delivery of a more efficient lower operational cost base going forward, resulting in only a modest cash outflow since the outbreak of Covid-19.”