Sportech posts 2% YoY Q4 revenue jump

Finance News

Sportech reported Tuesday a revenue leap of 2% to to £26.0 million.

Gross profit +11% to £14.2 million. The London-listed betting-technology company said its pretax loss widened to 934,000 pounds ($1.2 million) in 2022 from GBP246,000 in 2021, as the company’s other income fell to GBP120,000 from GBP4.1 million.

Richard McGuire, Executive Chairman of Sportech, said: “2022 was a year of consolidation and progress and the team are excited about the potential in 2023. Our investment in the growth of US sports betting has started to deliver results.

2022 Operational leverage was impressive, as modest revenue gains translated to impressive gross profit gains and a return to positive EBITDA during the year. We are reviewing various strategic options for the current business lines while evaluating online betting opportunities that leverage our brand, people and expertise. Cash position is strong and we will update the market regarding potential further shareholder capital returns ahead of the May AGM.”