Sportech sees losses widen amid Covid-19

Business News

Sportech has posted a widened loss for the first half of the year as its performance was hurt by the coronavirus pandemic’s disruption of sporting events.

The company reported a pretax loss 10.7 million pounds ($13.9 million) for the six months ended June 30 compared with a GBP2.5 million loss for the same period of 2019.

Revenue declined 38% to GBP20.2 million, and adjusted earnings before interest, taxes, depreciation, and amortization swung to a GBP1.2 million loss from a GBP3.4 million profit.

The company said it will focus on cost management and online growth opportunities. However, it warned that financial forecasting remains fluid as there is no clarity around sporting events for the near future.

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