Sportech EBITDA down in first six months

Sportech, a pool betting operator and technology supplier, reported earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by £1.3 million ($2 million) to £11 million for the six months ended 30 June 2015.

Profit before tax rose by £7.1 million to £7.9 million, while net debt went down by £3.1 million from the prior year period to £63.3 million.  

Sportech’s racing and digital department recorded EBITDA of £4.1 million, up £300,000, “driven by successful implementation of Quantum Tote to overhaul Betfred's UK Totepool systems.”

"We have built a portfolio of highly regulated businesses in the US and UK, and have continued to invest in each to bring through innovation and technological improvements,” said Ian Penrose, CEO of Sportech.

“We are now well positioned to build upon our unique position, based on our regulated racing and pools operations. Examples include the highly successful replacement of Betfred's Totepool entire hardware and software betting systems, and the realisation of a significant profit on our early online initiatives in New Jersey.”

The company is the subject of a takeover bid from Canada's Contagious Gaming.

 

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