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Sportech H2 loss narrows YOY

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Sportech H2 loss narrows YOY

Sportech PLC said its normalized net income for the second half amounted to a loss of £250,000, compared with a loss of £12.1 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

Total revenue fell year over year to £49.2 million from £51.5 million, and total operating expenses fell 32.3% from the prior-year period to £48.1 million from £71.1 million.

Reported net income totaled £2.6 million, or 1 pence per share, compared to a loss of £90.2 million, or a loss of 44 pence per share, in the prior-year period.

For the year, the company's normalized net income totaled 1 pence per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 4 pence.

EPS was a loss of 5 pence in the prior year.

Normalized net income was £2.4 million, compared with a loss of £10.7 million in the prior year.

Full-year total revenue decreased on an annual basis to £100.2 million from £104.1 million, and total operating expenses declined 22.2% year over year to £92.7 million from £119.1 million.

The company said reported net income came to £6.6 million, or 3 pence per share, in the full year, compared with a loss of £21.3 million, or a loss of 10 pence per share, the prior year.