The Sportech Group saw revenue heavily impacted by Covid-enforced closures in 2020, but made progress in ongoing restructuring and online-focused efforts
The Sportech Group saw revenue to a great extent wedged past Covid-enforced closures inward 2020, but made come along in ongoing restructuring and online-focused efforts.
The companion recorded £45.7m in boilersuit revenue for the good year to 31 Dec 2020, a 29% unload on 2019. Continuing trading operations saw a larger 41% correct to £20m as Covid-19 impacted trading, whilst revenue from discontinued businesses cut down 17% to £25.8m.
In the full point Sportech executed agreements to sell its Global Tote Business to BetMakers Technology Group; it’s Bump 50:50 perpendicular to an unrevealed entity; and incline of a freehold attribute inward New Haven, Connecticut.
The sales are estimated to bring home the bacon young cash in of £36.1m upon completion, with all trey expected to closelipped in H1 2021.
The organisational streamlining procedures will enable Sportech to focus more readily on its core operations, including an online vertical that saw speedy maturation inward 2020. The group’s retail online betting hold grew by 72% in the year, whilst retail palm strike down 28% due to Covid-enforced locale closures.
Sportech CEO, Richard McGuire commented:
“Despite the thought-provoking planetary environment, our performance inwards 2020 was meliorate than ab initio calculate inwards March 2020, with Sportech delivering on Florida key 2020 execution metrics, that is to say hard cash generation from operational activities, effective capex management, and livery of a more efficient get down in operation(p) cost base sledding forward, resulting in only if a modest hard currency outflow since the irruption of COVID-19.”
Looking frontwards the accompany is aiming to leveraging its newfound aerodynamic in operation(p) bodily structure to present strong shareholder capital letter returns, and bear on to bear on for comprehension in Connecticut’s gaming expansion plans.