Sportech representatives announced company’s digital profits for the 2014 fiscal year and according to the data released, the performance of the company during the previous fiscal year has been relatively satisfactory.
As for the digital profits, they reached £1.2 million although the full-year revenues remained flat.
In comparison, the digital revenues announced during the previous period, which ended on December 2014, amounted £3.7 million. The EBITDA reported during the period in question increased as well.
In 2013, it was £0.6 million and Sportech attributed the poor performance to the closure of the office, based in San Diego and regarded it as a consequence of a “written off bad debt”.
Speaking of the gaming business of Sportech, the company experienced a decline equal to 2% in the full-year revenues. They reached £104.1 million. As for EBITDA, a reduction of 5% was noticed so it totaled £25.3 million. The main reason for the decrease was the combination of unfavorable exchange rates and the weak revenues generated by the venues based in the US.
In point of fact, the performance of the Sportech venues based in the US, was pretty disappointing and the flagship Winners in Connecticut saw a 5% decrease.
However, Sportech officials announced that the number of horse racing bets placed online through their website, have undergone a considerable increase and the revenue generated was more than £1 million.
The result from the joint venture of Sportech and NYX was not really satisfactory, though. Sportech has recently relaunched the Football Pools to the NYX platform. The sales went down to reach £38 million. Yet, the company reassured the communities that the revenues will undergo stabilization and attempts for increasing the sales are to be made.
Ian Penrose, the Chief Executive of Sportech, commented on the numbers reported and said that company’s executives were glad that the revenues exceeded their expectations.
He also added that they will continue investing in innovative technologies and consolidating Sportech’s positions on the US market.
In conclusion, Mr. Penrose said that the year was, by and large, challenging but this does not mean that the company would abandon its plans for expansion.
Those who keep themselves informed about the latest ventures of Sportech know that the company has recently signed a contract with the Atlantic City-based Resorts Casino and launched the SNG Interactive casino platform. Apparently, the Sportech officials have concentrated their efforts on expanding their business in the US and it seems like their venture has been successful so far.
