Sportech Ltd FY 2023 Results Pre-announcement

Sportech Ltd, an international betting and hospitality business, has issued a pre-close trading update for the financial year ending 31 December 2023. Despite facing inflationary pressures, the Group expects strong operational results comparable to the previous year. In FY 2022, Sportech reported a revenue of £26.3 million and an adjusted EBITDA of £1.6 million.

In 2023, the total betting handle at Sportech's Connecticut Venues business is expected to stay stable at US$201 million, split evenly between sports betting and pari-mutuel products. The average annual betting handle per retail location is projected to be approximately US$20 million.

Corporate actions in 2023 included a delisting from AIM, share consolidation, and a capital return to shareholders totaling £3.9 million. This brings the capital returned since 2021 to £46.4 million. These initiatives are expected to reduce operating costs.

As of 31 December 2023, the Group's net cash position remains robust at approximately £3.8 million (39 pence per share). The Group may consider further capital returns to shareholders in 2024.

Sportech plans to release its audited Full Year 2023 Annual Report and Financial Results on July 5, 2024. The Group continues to forge new business partnerships to ensure sustained success.