Sportech, an international betting technology business, has announced a pre-close update in respect of the financial year ended December 31, 2020.
The board notes that the group continues to drive operational efficiencies through all its business lines and anticipates that FY 2020 group adjusted EBITDA will be in line with the board's expectations.
During 2020, capital preservation and net cash position became more crucial metrics. The group year-end cash (excluding customer balances) will be ahead of expectations at £10.2m.
During 2020 and into 2021, in line with strategy, the group has exited certain businesses and assets to generate tangible investor returns, while continuing to evaluate further investment prospects within the Connecticut Venues business to support the potential sports betting opportunities.
