Fri. Mar 29th, 2024

The international betting technology business, Sportech announced its pre-close update for the FY 2020 and is set to announce the final results on April 8, 2021.

The company expects year-end cash to be more than £10.2m ($14m) and stated that capital preservation and net cash position became more crucial metrics in 2020.

The company continues to explore the future sports betting opportunities and evaluate further investment prospects.

As per Gambling Insider, Sportech CEO Richard McGuire said: “The group was historically dependent on live spectator attendance at sporting events, which were obviously heavily impacted by the global pandemic, and we therefore took the necessary actions over the period to safeguard the group.”

He added: “Sportech has delivered on key 2020 performance metrics – namely cash generation from operational activities, capex reductions and delivery of a lower operational cost base going forward – resulting in only a modest cash outflow since the outbreak of COVID-19. We look forward to providing a further update when we report our results in April.”