Sportech’s Pre-Close FY2020 satisfies objectives

Supplier of gambling technology Sportech PLC released today a update that is pre-close the financial year ended December 31, 2020, to update investors ahead of the final FY 2020 results set to be announced April 8, 2021.

Adjusted EBITDA In Line With Board’s Expectations

The Board of Directors at Sportech emphasized that the company continued to achieve efficiencies that are operational the board, confirming that the group’s FY 2020 modified earnings before interest, taxation, depreciation and amortization (EBITDA) is consistent with objectives.

“The Group ended up being historically determined by real time spectator attendance at sports that have been clearly greatly influenced by the pandemic that is global we therefore took the necessary actions over the period to safeguard the Group.”

Richard McGuire, CEO, Sportech

The two metrics which became crucial during the course of 2020, capital preservation and cash that is net, Sportech is looking to end FY 2020 with web money in front of objectives, around £10.2 million.

“Sportech has delivered on key 2020 performance metrics – namely money generation from functional tasks, capex reductions and distribution of a diminished functional expense base going forward – resulting in mere a modest money outflow because the outbreak of COVID-19.”

Richard McGuire, CEO, Sportech

In 2020, Sportech divested companies and assets to come up with investor returns, while during the time that is same to evaluate other investment opportunities within the Connecticut Venues business, with regards to sports betting.

“…We remain focused on our US headquarters in Connecticut where management and personnel remain fully motivated to be part of the States’ expanded gaming solution alongside our Connecticut gaming neighbours. We look forward to providing a update that is further we report our leads to April.”

Richard McGuire, CEO, Sportech

Ongoing Divestment

Early in December, Australian BetMakers Technology Group (BET) announced it reached a agreement that is conditional the acquisition of Sportech’s racing and digital assets, including the company’s flagship Quantum Tote betting engine, in a £34 million deal, and by the end of the month shareholders at BetMakers gave the green light for the deal to go ahead.

Sportech is also progressing with the transition of the Bump 50:50 business to Canadian Bank Limited, the group noted in the pre-close update, and the transaction is expected to close in the first half of 2021.

The group announced it had to renegotiate the conditional $6.75 Million* that is( sale regarding the brand new Haven home in Connecticut, after a due diligence finding it needed ecological improvements. Because of this, Sportech decided to a revised $6 million purchase cost and an leaseback that is 18-month starting to look for a replacement property in the New Haven area immediately.

The company projects aggregate net cash from all transactions to the amount of £36.1 million and the Board, in consultation with shareholders, will decide upon the use that is optimal of generated funds.

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