Leading pools and tote gaming supplier Sportech has announced its results for the year to December 31, 2012, revealing a five per cent drop in revenues while continuing to meet performance expectations in “challenging economic conditions.”
In 2012, revenue for Sportech plc fell to £112m, down from £118.2m in 2011, due primarily “to discontinuing unprofitable customer acquisition activities,” the company said in a statement.
Profit for the year remained virtually unchanged at £15.7m (£15.8m in 2011) while net bank debt was down to £57.1m from £59.2m last year.
Ian Penrose, chief executive of Sportech plc, said: "Sportech continues to transform into an international sports, gaming and entertainment business.
“We have revitalised the business over recent years, establishing a unique position in the regulated and emerging gaming markets worldwide, which should deliver significant opportunities, most notably for our licensed gaming business in the US.”
Penrose added that the group is now generating half of its revenue from North America. He said: “We have devoted considerable management time and resources in North America in order to develop a stronger business. Our investment policy helped us win approval to provide online betting on horseracing in Connecticut later this spring, on an exclusive basis.
“We consider that our activities in the North American gaming market, exposure to other regulated gaming markets worldwide and strengthened management team have positioned the group well to take advantage of the opportunities ahead,” added Penrose.
