Sportech chief looking to future as losses increase due to effects of Covid-19
Losses at betting technology operator Sportech increased in the first of the year due to the impact of Covid-19, but while chief executive Richard McGuire acknowledged the challenges ahead he also said the company had "good things" to look forward to.
London-listed Sportech reported a near 39 per cent fall in revenue to £20.2 million in the first half of the year, reflecting its reliance on sporting events, with pre-tax losses increasing to £10.7m from £2.5m.
In response to the crisis, Sportech took action to reduce its £27m payroll costs by using furlough schemes and pay cuts, while also reducing group capital expenditure by 44 per cent.
Read the full story
Read award-winning journalism from the best writers in racing, with exclusive news, interviews, columns, investigations, stable tours and subscriber-only emails.
Subscribe to unlock
- Racing Post digital newspaper (worth over £100 per month)
- Award-winning journalism from the best writers in racing
- Expert tips from the likes of Tom Segal and Paul Kealy
- Replays and results analysis from all UK and Irish racecourses
- Form study tools including the Pro Card and Horse Tracker
- Extensive archive of statistics covering horses, trainers, jockeys, owners, pedigree and sales data
Already a subscriber?Log in
Published on 14 September 2020inFeatures
Last updated 16:20, 14 September 2020
Copy- Government says it is working 'at pace' to have white paper measures in force by the summer
- 'The only thing you can do is lie fallow and regroup' - Meades to return with scaled-back operation following blank period
- The Gambling Commission has launched its new corporate strategy - but what are the key points?
- 'It was tragic it happened to Paddy but it was a good thing for the jockeys who followed - good came out of bad'
- Acquisitions, exits and retail resilience - what we learned from Flutter and 888's results
- Government says it is working 'at pace' to have white paper measures in force by the summer
- 'The only thing you can do is lie fallow and regroup' - Meades to return with scaled-back operation following blank period
- The Gambling Commission has launched its new corporate strategy - but what are the key points?
- 'It was tragic it happened to Paddy but it was a good thing for the jockeys who followed - good came out of bad'
- Acquisitions, exits and retail resilience - what we learned from Flutter and 888's results