9th Feb 2022 13:18
Sportech PLC - London-based betting technology company - Says "changes significantly" over 2021, but Venues unit remains "key component" despite "disappointment" of not being included in the Connecticut State's grant of sports betting licences. Notes December 2021 saw mandatory mask wearing removed from all Venues and food and beverage and pari-mutuel revenues approaching pre-Covid levels. In Sports unit, delivers "strong handle" with weekly growth over December, improving the leverage of Venues infrastructure, "translating directly to divisional profits," company says.
Expects 2021 adjusted earnings before interest, taxes, depreciation, and amortization in line with internal expectations.
Looking ahead, says recovery from Covid and new footfall in Venues for sports betting should be beneficial to revenues for all product lines.
"Growth at the revenue level will be the core measurable to assess the underlying health and future prospects of the business, with operational efficiencies continuing to be a focus for all divisional management teams. January trading has been encouraging giving the Board confidence in the outlook for 2022," company adds.
Current stock price: 37.31 pence, up 1.4% on Wednesday
12-month change: up 20%
By Paul McGowan; [email protected]
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