Sportech has reported a significantly narrowed loss in 2018, thanks to cost cutting, by revenue slipped on a weak performance across all of its units.

The betting technology company said its loss narrowed in 2018 to GBP2.4 million compared to GBP23.2 million a year earlier, helped by a reduction in expenses and the absence of one-time charges taken a year before.

In 2017, Sportech booked GBP12.0 million impairment of intangible assets and GBP3.8 million charge for departing management.

Revenue declined by 3.9% to GBP63.7 million from GBP66.3 million the year before. On a constant currency basis, revenue fell by 0.9%.

In 2018, Sportech said it invested in the development of its sports betting opportunities both in B2B and in its Connecticut consumer business in the US. In Connecticut, Sportech has invested in a significant lobbying campaign to convince the state legislature to legalise sports betting.

In 2018 the company had two operating divisions: Sportech Racing & Digital, which includes Bump 50:50, and Sportech Venues.

The Sportech Racing & Digital unit, which provides pari-mutuel betting technologies and services, delivered revenue of GBP34.0 million, down from GBP35.5 million a year prior.

Meanwhile, revenue in the Sportech Venues unit, which offers betting on horse and greyhound racing and on jai alai, decreased to GBP30.4 million from GBP31.6 million year-on-year.

“The group enters 2019 with a renewed impetus to drive operational efficiency across all business divisions and deliver an enhanced customer experience,” said Executive Chair Richard McGuire.

“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,” added McGuire.