Shares in Sportech (SPO) sank by as much as 17 per cent on the morning the gambling software group announced adjusted cash profits this year would be between 5 and 10 per cent lower than expected due to contract delays.
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Certain deals that had been expected to close are now unlikely to be secured this year, management said, prompting house broker Peel Hunt to downgrade 2018 earnings forecasts by almost a third to 1.1p a share. However, adjusted cash profits should still be up by between 14 and 20 per cent on last year.
