Final results for 2018 have shown a drop in revenues for Sportech.
Revenues were reported at £63.7m, 3.9 per cent lower than the £66.3m reported for 2017. Adjusted EBITDA was at £8m, 18.8 per cent higher than 2017's £6.7m (prior to sports betting investment), and statutory loss before tax from continuing operations of £2.4m, up from 2017's £23.2m.
Adjusted profit before tax from continuing operations (prior to sports betting investment) was £2m, up from £1.5m, and cash net of customer balances at 31 December 2018 was £14.7m, down from £15.9m.
Richard McGuire, executive chairman of Sportech, said: "The Group enters 2019 with a renewed impetus to drive operational efficiency across all business divisions and deliver an enhanced customer experience. Growth opportunities exist with the launch of new betting products and features and a resolute progress towards a future in US sports betting across both our business and our consumer-facing divisions.
"The acquisition of the Lot.to Systems platform and talent show a clear focus on developing digital initiatives further, which supports our continued evolution to deliver growth and drive operational efficiency."
