Sportech lowers full-year forecast

Business News

Gambling technology group Sportech warned on profits after expected sales contracts failed to materialise.

Adjusted Ebitda for the year through December was now expected to be 5%-to-10% lower than current market expectations of £8.5m, the company said.

The latest forecast, however, would represent on-year growth of between 14% to 20%.

‘Whilst we are disappointed not to have secured some international sales contracts by the year end, we continue to focus on signing these contracts,’ chief executive Andrew Gaughan said.

‘We are working proactively with Connecticut and other states in the US to secure the rights to conduct sports betting as a licensed operator and we expect that sports betting revenues will commence in the second half of 2019.’