3rd Mar 2016 08:43
LONDON (Alliance News) - Sportech PLC on Thursday said it swung to a profit in 2015 after having taken a non-cash impairment in 2014, but revenue fell as the betting pools operator restructures part of its business in order to achieve better growth and earnings stability going forward.
Sportech said it made a pretax profit in 2015 of GBP9.7 million, having suffered a GBP20.0 million loss the year before due to a non-cash impairment of its Football Pools goodwill.
Revenue, however, did decline by 4% to GBP100.2 million from GBP104.1 million, which Sportech blamed on an "expected" fall in sales from the Football Pools collector channel as it restructures the division in order to achieve earnings stability and growth from 2016 onward.
Sportech said it expects to book exceptional costs of GBP3.0 million in the current year for the modernisation of the Football Pools division.
"We have started the year well and, for the first two months of the year, are trading in line with expectations," Chief Executive Ian Penrose said in a statement.
Shares in Sportech were untraded on Thursday, last quoted at 50.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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