Sportech managed to reduce its net bank debt by £7m according to the latest release from the company. It still stands at £65.2m but it means that 10% has now been wiped off the figure. The period also saw the group’s EBITDA stay in line with expectations as it rose by 30% off the back of their acquisition of Sportech Racing in October.
Ian Penrose, Chief Executive of Sportech PLC commented, “We are pleased with the Company’s first half performance as we strengthen Sportech’s position as one of the world’s leading suppliers and operators of pools and tote gaming. The Group has produced a strong improvement in EBITDA performance and generated strong cash flow, which we believe reflects the current and longer term growth potential of the business.”
Sportech also delivered an update on a number of deals that they’ve been working on over the past few months. This includes securing a 550 unit terminal sale to Fintoto, the Finnish sports betting operator. In addition their contract to operate interactive products and services for the Illinois lottery goes live on 1st August. Also in North America the company’s $1.5m initial refurbishment plan to improve Sportech Racing’s retail betting venues in Connecticut is completed and they are already seeing improvements in the number of bets placed. Looks like Alan Hansen’s job is safe after all!
Staying with sports betting, ARJEL has reported that the amount bet has dropped off by more than a third in the past six months. According to their annual review, €741m has been bet on sports over the past year with only €293m of the figure staked since January. Horse betting, however, has no such woes with €496m of the year’s figure of €955m bet since January.
