Pool betting operator and technology supplier Sportech has announced it sustained statutory pre-tax losses of £23.2m in 2017, but after a corporate restructuring and cost reduction programme the firm believes it is “well positioned for a liberalised US sports betting market opportunity”.
Revenues were at £66.3m, two per cent lower than 2016 in constant currency, while the losses contrast with profits of £63.6m in 2016.
Adjusted EDITDA was at £6.7m, down from £8.5m in the previous 12 months, while adjusted profit from continuing operations was £1.5m, up from £0.7m.
Sportech sold the Football Pools last year and yesterday revealed the sale of Dutch racing division Sportech Racing BV to RBP Luxembourg for €3.25m ($4m).
Sportech CEO Andrew Gaughan said: "2017 was a year of material change for Sportech and 2018 is shaping up to be one of significant opportunity.
“Our recurring revenue in our racing and digital business is further being enhanced by additional sales opportunities and commingling along with the growth in our Bump 50-50 business. We have an enhanced platform for growth in our venues division. Both should see benefit from a liberalisation of sports wagering in the US."
