18 Mar 2020 07:00
For immediate release | 18 March 2020 |
SPORTECH PLC
('Sportech' or the 'Group')
COVID-19 Update
Sportech PLC (LSE: SPO), an international betting technology business, announced that trading in the early months of 2020 started satisfactorily, however in recent days, given the Group's reliance on sporting events to generate revenue, trading has been impacted by global sporting authorities and governments postponing or cancelling sporting events owing to the COVID-19 pandemic. The Group expects trading to continue to be materially impacted, however given the continued uncertainty, the Board does not believe it appropriate to provide financial guidance for FY20 at this stage.
Sportech has a stable balance sheet holding £11.0 million cash at the end of February 2020 and no debt. Based on a scenario of the severe curtailing of sporting events through to the end of June 2020 and then resumption of normal service thereafter, the Board would expect a £3.5 million reduction in the Group's cash position.
Further updates will be provided by the Group as and when necessary.
The Group will release, as scheduled, its FY19 results on Thursday, 19 March 2020.
Publication on website
A copy of this announcement is also available on the Group's website at www.sportechplc.com.
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Contacts:
Sportech PLC | Tel: +44 (0) 117 902 9000 |
Richard McGuire, Chief Executive Officer Tom Hearne, Chief Financial Officer
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Peel Hunt (Corporate Broker to Sportech) George Sellar / Andrew Clark / Will Bell
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Tel: +44 (0) 20 7418 8900 |
Buchanan (Financial PR adviser to Sportech) | Tel: +44 (0) 20 7466 5000 |
Henry Harrison-Topham / Mark Court / Jamie Hooper | sportech@buchanan.uk.com |
This announcement contains inside information within the meaning of the Market Abuse Regulation. The person responsible for arranging release of this announcement on behalf of Sportech plc is Richard McGuire, Chief Executive Officer.
Notes to Editors:
About Sportech
Sportech PLC, an international betting technology business, delivers solutions and services for some of the world's best-known gaming companies, sports teams, racetracks, casinos and lottery clients as well as owning and operating its own gaming venues in Connecticut under exclusive licences. The Group focuses on highly regulated markets worldwide. It has more than 29,000 betting terminals deployed to over 400 clients in 38 countries. Its global systems process US$12.3 billion in betting handle annually. In the US, it operates across 36 states. The Group has invested over US$60 million in the last five years in the successful expansion of its US gaming Venues, the diversification into raffle and lottery gaming platforms, and in developing its technology services, resulting in its proprietary Quantum™ System being the most widely deployed pari-mutuel betting system globally.