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Sportech Issues Trading Update

Online tote betting firm Sportech has released a trading update, with Chairman Roger Withers noting a strong start to the fiscal year.

Withers commented that: “The group remains highly cash generative and continues to focus on debt reduction while investing in selective business opportunities."

Net bank debt for the first four months ending April 30th was cut to £55 million, down £4.2 million. This follows a reduction of £13 million of debt for the company last year.

Gross win revenue is also up 30% year over year, and Sportech's North American branch Sportech Racing has seen a 4.5% rise in turnover versus the same period last year.

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