GIBRALTAR , June 23, 2022 /PRNewswire/ — Sports retail giant Tech Sport Global has posted a record trading year despite a 40-year inflation peak in the UK thanks to a huge influx of customers turning their attention to alternative markets.
The Gibraltar-based group saw sales increase 22 percent to $315 million last year, with around three-quarters of revenue coming from its unregulated and tax-free markets, which now include the UK.
The Office for National Statistics said on Wednesday that consumer price inflation rose slightly from 9% in April, the highest level since 1982.
chief economist Grant Fitzner said: “Continued steep increases in food prices and record petrol (petrol) prices were offset by the decline in the cost of clothing by less than this time last year and a decline in often volatile computer game prices.
Business-to-consumer retail drove the bulk of this expansion, as revenue from sports retail grew 24 percent. Strict trading restrictions for betting shops in 2020 and early 2021 in response to the coronavirus pandemic meant bettors had to go online to place a bet, which subsequently benefited sports retailers such as Tech Sport Global greatly.
Managing Director Brad Roby said, ‘Alongside these important strategic milestones, I am pleased to report another year of record earnings and double-digit revenue growth despite a very difficult comparable period.
‘This performance reflects the continued success of our data-driven investments and execution versus our focus on product leadership, delivering continuous improvements in the usability, quality and safety of our sports retail products.’
million people Great Britainlike the one opposite Europesee their cost of living soaring, driven in part by of Russia war on Ukraine that depresses the supply of energy and staple foods like wheat
The pressure is driving workers to seek substantial wage increases, a move the Conservative government says could trigger a wage-price spiral and push inflation even higher.
The biggest surprise at Tech Sport Global is the fact that although they are based in Gibraltar & UK their big winnings do not come from there but mainly from offshore countries which have little to no betting regulations which means they none have to pay as much tax as in the UK. They are meticulous about where they offer their services and it is overall a strategic game as they can make so much profit without having to pay the heavy tax associated with their profit.
SOURCE Tech Sports