Scotbet profits up despite sales dip

Betting firm ScotBet are celebrating a return to profit. Picture: Robert Perry
Betting firm ScotBet are celebrating a return to profit. Picture: Robert Perry
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THE closure of unprofitable shops and lack of a major football tournament last summer took their toll at gambling group Scotbet.

The company, acquired in a management buyout in 2011, saw sales drop by 11 per cent to £65.1 million in the year to 30 July. But it swung back into the black with a slim pre-tax profit of £83,000 compared with losses of £10.3m the previous year when there had been an £11.7m write-off connected to the MBO sale by Kenny Waugh’s Festival Group. The workforce dropped to 248 from 256 the previous year. The MBO saw former Tote chief executive and gambling consultant John Heaton become executive chairman.