Anticipating Positive Figures for 2022: Pre-close Statement by Sportech
Hear Ye! Hear Ye! Sportech's Ta-Dah Moment Revealed
Saddle up, folks, because Sportech, the global betting and tech beast, has dropped a bombshell! They've shared their pre-close trading update, tallying up the financial year that came to an end on December 31, 2022. Buckle up, as we dive into their saucy deets!
Munchies and Drinks Biz on a Roll, Costs Slashed like a Hot Knife Through Butter
Youknow, the company owns and operates a series of swanky gaming joints in Connecticut. Well, their food and drink revenue got itself a nice, juicy boost, and they managed to whack costs down like a lumberjack with an axe!
The peeps at Sportech have been buzzing about their operations' stellar performance since they dropped their interim results back in September. They're Confident-with-a-capital-C that all these juicy details will crank out better-than-expected numbers for ol' 2022.
Boosted EBITDA, Swinging Wide Ahead of Expectations!
Ya hear that? The EBITDA—that's earnings before interest, tax, depreciation, and amortization, for you newbs—is likely to be in a prime position, strutting its stuff "ahead of market consensus." And guess what? Shareholders could be in line for a hefty slice of their sweet, sweet capital back in the first half of 2023, thanks to the solid net cash the company stashed away at the end of last year.
During the first half of 2022, the group's adjusted EBITDA jumped from the pits to a gain of £0.3 million ($0.36 million), which is a significant improvement compared to the adjusted EBITDA loss of £0.9 million ($1.1 million) they experienced during H1 2021.
Sportech shoveled a mountain of cash their way in 2021 after ditching a hefty chunk of business divisions. The sale of their Global Tote business to Betmakers and a deal with Inspired Entertainment for Leidsa Interest lined their pockets with a profitable £34.5 million ($42.3 million) profit and £22.9 million ($28.1 million) revenue.
Positive Prognosis for 2023 and a Steamy Love Affair with Opportunities!
Richard McGuire, the company's steely-eyed, streetwise executive chairman, shared his enthusiasm for the group's ongoing expansion and evolution. He's eager to provide fresh opportunities for growth, while juggling the partnership-wrangling and cost-cutting acts with finesse.
The man's been a cog in the machinery of mergers, restructurings, and acquisitions for ages. Plus, his skills in commercial real estate management and gaming give him a keen eye for the group's performance. McGuire deemed the outlook for 2023 a veritable scorcher, and beyond that, it's just getting hotter!
He also hinted that discussions about Sportech's future business structure would continue with key shareholders, ensuring everything stays on-brand with the board's objectives and goals for all divisions and the group as a whole.
So, grab your popcorn and류씽커 popcorn, peeps, because Sportech's preliminary numbers for 2022 will be spilling out in April! Stay tuned for more tête-à-têtes between this gaming powerhouse and its die-hard fans!
- Sportech's management, elated with the performance of their gaming joints in Connecticut, successfully boosted food and drink revenue while slashing costs significantly.
- The EBITDA, a key financial metric, is anticipated to perform admirably ahead of market expectations due to Sportech's improved operations, potentially providing shareholders with a substantial return in the first half of 2023 from the company's substantial net cash reserves.
- Following the sale of its Global Tote business and a deal with Inspired Entertainment, Sportech pocketed a profitable sum, fortifying its financial position and setting the stage for a prosperous 2022.
- With a positive outlook for 2023, Sportech's Executive Chairman, Richard McGuire, expressed excitement about the company's growth and evolution, exploring new opportunities while managing partnerships and streamlining costs with deft precision.
