1 Jul 2008 07:00
Sportech PLC
AGM Statement
At today's Annual General Meeting of Sportech PLC, the UK's leading football gaming business, Piers Pottinger, Chairman, will make the following statement.
"As stated at the full year results, announced on 18 March and also in the subsequent Interim Management Statement in May, trading for the current period had started well, and we are pleased to report that we continue to trade in line with both internal and market expectations.
Good progress has been made in the first six months of this year. We are ahead of schedule with the integration of the Vernons business and continue to realise the resulting synergies.
Importantly, the rebranding of the football pools businesses is on target to be launched across our entire football gaming suite to coincide with the start of the new football season in August this year. The fresh brand - The New Football Pools - is a pivotal element of the continuing reinvigoration of the pools as we strive to make it more appealing to a wider gaming audience with international appeal.
In line with this strategy, we are delighted that last week we signed a groundbreaking marketing and distribution partnership with 888 Holdings plc. This partnership, which takes effect in September 2008, provides Sportech with significant opportunities to promote the football pools business online as well as deliver unparalleled new global marketing and distribution opportunities across both our football pools and other e-gaming businesses to both companies' UK and worldwide customer base.
888 will actively evaluate new international market opportunities for our internet gaming with particular emphasis on exploiting the pools brand. In addition, 888 will provide Sportech with a turnkey online gaming operation, providing the technology platform and marketing support required to power all aspects of our principal E-gaming operations, notably online casino, poker and soft games.
Our technology and distribution partnerships with Scientific Games and Orbis are expected to deliver very significant benefits with the upgrade and integration of our technology suite on schedule to be initially introduced in August.
We continue to focus on new product development, as well as enhancing our existing products, to provide a range of content-rich products which will deliver the best possible football gaming experience for our customers. We are pleased to report that, again, we are on schedule to launch these to the market at the start of the new football season in August.
Progress continues to be made in reducing the level of the Group's debt and with interest rate swaps covering over two thirds of this debt, we look forward to the future with confidence."
ENDS
For further information:
Sportech PLC
Ian Penrose, Chief Executive 0207 268 2400
Bell Pottinger Corporate & Financial
David Rydell / Emma Kent / Rosanne Perry 0207 861 3232