Sportech’s losses deepen as Covid hits betting firm’s trading
Gambling firm Sportech’s pre-tax loss deepened in 2020 as Covid restrictions on trading battered the company’s operations.
Sportech’s adjusted pre-tax loss worsened to £5.2m from £2 in 2019, while revenues fell 41 per cent to £20m.
Meanwhile, gross profit fell by more than 27 per cent to £34m in 2020.
Richard McGuire, chief executive of Sportech, remained positive despite the damage inflicted on the betting firm over the last year.
“Despite the challenging global environment, our performance in 2020 was better than initially forecast in March 2020.
“Sportech delivered on key 2020 performance metrics, namely cash generation from operational activities, effective capex management, and delivery of a more efficient lower operational cost base going forward, resulting in only a modest cash outflow since the outbreak of Covid-19.”