Sportech confident ahead of future despite decline in interim revenues

20th Aug 2015 14:24

(ShareCast News) - Pool betting operator Sportech reported a sharp decline in interim pre-tax profit and a slight decline in revenue in the first half of the year.In the six months to 30 June, the London-listed company saw its pre-tax profit plunge from 87.8m in the corresponding period in 2014 to £7.9m.The performance in 2014 was boosted by the exceptional income related to a Spot the Ball VAT refund of £87.1m, the company said.Excluding exceptional items, pre-tax profit declined 14.2% year-on-year to £5.4m, while revenue fell 3% to £52.6m as growth in racing and digital and venues was offset by a decline in football pools."We have built a portfolio of highly regulated businesses in the US and UK, and have continued to invest in each to bring through innovation and technological improvements," said group chief executive Ian Penrose."We are now well positioned to build upon our unique position, based on our regulated racing and pools operations."Penrose added the company was confident ahead of the future, as the industry was experiencing a period of considerable consolidation.Sportech shares were down 0.97% to 67.65p at 1448 BST on Thursday.