In the midst of the COVID-19 pandemic, Sportech has announced in a trade update that it has supplied information on the company's present status. The company that deals in sports betting said in an announcement that the impact of sports cancellations had been less adverse to overall net cash than had been anticipated thanks to the mitigating efforts that had been taken.
According to the trading update that Sportech provided in March 2020, the company anticipated that its net cash would amount to £7.5 million ($9.3 million) at the end of June. However, this projection has since been raised to £8.9 million.
The company reported that it had agreed to a number of deals and extensions with numerous clients, one of which was an extension to its deal with the UK Tote Group in the form of a multi-year agreement, despite the fact that revenue had been impacted "across all business areas" in the second quarter.
The decline in the number of spectators attending athletic events has also had an effect on the company's Boost 50:50 sector. This part of the business provides philanthropic organizations with the technical tools and tactics necessary to raise revenue through raffles. In spite of this, Sportech reported that the sector has witnessed a 28% growth in new customers since the beginning of the year 2020.
"The delivery of critical client projects and the securing of a significant number of new contracts in the midst of this global pandemic is a testament to the resilience of the Sportech team and highlights the integrity of our people and the group's digital strategy progression," said Richard McGuire, CEO of Sportech. "The delivery of critical client projects and the securing of a significant number of new contracts in the midst of this global pandemic."
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