10th Sep 2020 14:43
Sportech PLC - London-based online gambling company - Reports pretax loss of GBP10.7 million for the six months to the end of June compared with GBP2.5 million loss a year earlier, as revenue fell to GBP20.2 million from GBP32.6 million year-on-year. Made a good start to the first half, however, Covid-19 had a material impact on performance due to the company's reliance on sporting events to generate revenue. Owing to the focus on operational efficiency and cash generation, and online growth across all business units during the period, the group's net cash position reduced by a relatively modest GBP1.4 million from the end of February, ending the period with a net cash position of GBP9.6 million. Remains confident in the quality of its products, services, strategy, and in the strength of its balance sheet.
Current stock price: 12.05 pence
Year-to-date change: down 63%
By Evelina Grecenko; [email protected]
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