Following its acquisition of a US racetrack business, Sportech has reported a return to profit in 2011.
The pools and tote betting organisation, which acquired Scientific Games Racing (now Sportech Racing) in October 2010, posted a return to profit before tax of £8m for the year ended December 31, 2011, compared to a loss of £5.9m in 2010.
Revenue increased by 66 per cent to £118.2m and trading for the first two months of 2012 is in line with the company’s expectations.
Ian Penrose, chief executive of Sportech, commented: “We have diversified our business interests and revenue streams from a focus on the UK market, in which pools betting has a small market share, to establishing business interests where pools and tote (pari-mutuel) betting is a significant form of betting and in those markets which are exploring the liberalisation of betting and gaming.
“Our acquisition of one of the oldest gaming businesses in the US has given us a unique and leading licensed position in North America, expected to be one of the world's largest gaming markets.”
