Sportech announces Richard McGuire and Clive Whiley will join as non-executive directors
Along with the new directors, Sportech revealed its results for the 2021 financial year.
With immediate effect, Directors Richard McGuire and Clive Whiley will join the Sportech Board of Directors in a non-executive position.
Whiley was a director of XLIV Limited in the twelve months before the company was placed into creditors’ voluntary liquidation in October 2000. Whiley resigned from the company in 1999.
In other news, the 2021 financial report for Sportech was released, revealing its earnings over the course of the year. A key point is that the company recovered revenues by 32% from its 2020 earnings.
The loss before tax was reduced to $220,750, compared to $13.1m in 2020. Sportech also adjusted EBITDA loss of $1.9m (2020: $4.41m), this excludes income from the LEIDSA contract which was disposed of on December 31, 2021.
Statuary profits for 2021 were $38.1m while cash net of customer balances was $24.1m (2020: $18.5m, also including cash held by assets held for sale).
Chief Executive Officer of Sportech, Andrew Lindley, said: “2021 was a transitional year for the business with the completion of a significant amount of M&A and corporate actions to reduce the size of the business and de-risk our shareholders’ investments.”
He continued: “The business, although now small in the context of a plc, is tidy and fit for growth. The two divisions are right-sized for their operations and 2022 brings with it an attendant opportunity to garner new value for the Group and its shareholders.”
In August, Sportech moved its listing from the Main Market to the Alternative Investment Market. In October, $39.1m was returned to investors through a tender offer by Sportech, reducing shares from 189m to 100m.
In terms of venues, businesses operated by Sportech have seen a 28% decline in total retail betting handle versus 2019.
In August 2021, the group agreed to become a distributor for the Connecticut Lottery Corporation, offering sports wagering at each of its venues, and the first bets were taken at the end of October 2021.
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