Betting technology company Sportech’s final results for 2020 show total revenues at £45.7m compared with £64.7m for the previous year.
EBITDA was £2.5m compared with £9.3m, said the company, and it registered a loss for the year of £12.8m compared with a loss of £14.4m. The 41 per cent fall in revenue was blamed on the Covid-19 restrictions.
Its CEO, Richard McGuire, said: “The pandemic created unprecedented challenging conditions for our busiensses 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.”
