Sportech hails sports betting performance as expects to top earnings
Sportech, an international betting and technology business, is pleased to announce a pre-close trading update in respect of the financial year ended 31 December 2022 (‘FY 2022’).
The Group continues to deliver strong operational performance since the release of its Interims on 1 September 2022. Gross gaming revenues (GGR) for 2022, including Sports Betting, continued to perform strongly, F&B revenues delivered solid growth, and Group operational costs reduced significantly. As a result, we currently expect to report 2022 full year adjusted EBITDA ahead of market consensus.
Year-end net cash remains healthy, giving potential to return further capital to shareholders in H1 2023 (2022: 7p of cash per share was returned to shareholders).
Richard McGuire, Executive Chairman of Sportech, said: “The Group continues to evolve and deliver new growth opportunities. We are strengthening relationships with our betting partners and aggressively reshaping non-operational costs to align with Group scale. The outlook for 2023 and beyond is very positive. We will continue to discuss the future business structure with key shareholders to ensure alignment with the Board on objectives and direction for the divisions and Group.”