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Sportech’s positive financial results

Sportech, an iGaming pool and tote supplier revealed their financial results for the first half of 2011 that positively showed a 100% rise to £57.4 million when compared to last year’s figure.

Sportech Racing, Sportech’s subsidiary played a vital role in obtaining these results according to Sportech. Sportech Racing was previously identified as Scientific Games Racing until it was bought in October for $83 million.

The earnings before interest, tax, depreciation and amortisation for the first half of 2011 increased by 35% to £12.4 million over last year reported Sportech and their adjusted profit before the tax rose up by 28% to £7.4 million when compared to last year’s result.

Ian Penrose, Sportech’s Chief Executive officer stated that  “we are pleased with the group’s performance during the first half of 2011.”

“Having successfully integrated Sportech Racing, we are focused on the continued development of our existing group activities. The group has produced a strong improvement in earnings before interest, tax, depreciation and amortisation performance, generated strong cashflows and reduced its net bank debt by ten percent in six months, reflecting the current and longer term growth potential of the business.”
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