Sportech has announced its interim results for the six months ended June 30, signifying solid operational performance marked by stable revenue growth and a renewed emphasis on margin enhancement.
This strategic approach has led to a 7.2 per cent increase in gross profit and a notably improved adjusted EBITDA performance in comparison to the same period of the previous year.
The group's adjusted EBITDA demonstrated positive momentum, reaching £0.9m (£0.4m in H1 2022). This improvement was fuelled by several key factors, most notably growth in contributions from US gaming and a sustained focus on optimising operational and corporate costs.
In July 2023, the group completed a share capital restructuring that helped to provide approximately 3,600 smaller shareholders with a cost effective exit.
Additionally, the company announced a meaningful return of capital to shareholders totalling £3.5m, paid in August 2023, bringing the cumulative shareholder repayments to £46m over the past two years and £121m since 2017.
Group cash (excluding customer balances) at the end of H1 2023 was £7.8m and at the end of August 2023 was £3.6m.
