SpaceX IPO launches today. Join the conversation.Click here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSPO.L Regulatory News (SPO)

  • There is currently no data for SPO

Interim Management Statement

10 Nov 2011 07:00

RNS Number : 8256R
Sportech PLC
10 November 2011
 



 

 

Sportech PLC ("Sportech", or "the Group")

Interim Management Statement

Sportech PLC, one of the world's leading operators and suppliers of pools and tote gaming, today announces its Interim Management Statement relating to the period from 1 July 2011 to date.

Financial Summary

 

The Board is pleased to report that the Group is trading in line with expectations for the full year and continues to generate strong cash flows in the second half of the year.

 

Key Operational Highlights

 

Sportech Racing

 

The B2B focus for the second half of the year has been on the delivery of tote systems and/or terminals for a number of existing, and new customers. We are pleased to report that the 550 terminal order to Fintoto, Finland's sports betting operator, has been delivered and installed and that the first installment of our 1,240 terminal order to Tabcorp, Australia's leading wagering and gaming entertainment business, has been shipped. We have delivered and installed a tote system to a customer in Argentina, which is due to go live this week, and are on track to deliver a new system to a Chilean customer by the end of the year.

 

Our interactive product and services contract to racetracks in Illinois went live on 1 August 2011 and we expect to launch a similar service in Puerto Rico by Q1 of 2012. We have a pipeline of opportunities in this area.

 

The initial refurbishment program to improve Sportech Racing's retail betting venues in Connecticut, completed earlier this year, has had a positive impact on results. Handle (bets placed) is 0.8% up (2.8% down on a like for like basis) in the seven months since the program was completed, compared to an industry average in the same period of 7.1% down. We have commenced a second program of capital spend within the venues as we seek to build on the solid foundations that have been established over the last few months.

 

Football Pools

 

The Group continues to invest in driving further efficiencies from operational activities, extending the distribution network and focusing on effective customer acquisition. As noted in our interim results statement, the Group has extended the opportunity to play the Classic Pools game with an increase by ten competitions to 83 in 2011. Initial uptake of these additional games has been encouraging in the core and loyal direct debit player base and provides the Group with a solid revenue base for 2012.

 

e-Gaming

 

As previously announced, 2011 is a year of transition for our e-Gaming operations as we transfer gaming software for many of our products to that provided by Playtech. In this period, we have launched Vernons.com and LittlewoodsGaming.com on the Playtech platform and we commence the migration of customers to our new platforms over the next two weeks.

 

 

 

India Joint Venture

 

As a consequence of emerging regulation, our primary focus in the period has been working with our joint venture partner, Playwin, to extend their activities into the provision of pool games, initially focused on cricket and football. The technical and initial product development work is almost complete, and we await the formal award of a Licence (provisional Licence already approved) to Playwin's parent company, the Essel Group, in order for the joint venture to supply pools products online to the Licence holder.

 

VAT Claim

 

The Group's advisors continue to work on the claim and as previously advised we now anticipate a Tribunal date at the First Tier Tax Tribunal to be set for the first half of 2012.

 

 

 

 

 

 

 

 

- ends -

 

Contacts:

 

For further information, please contact:

 

Sportech PLC 020 7268 2400

Ian R Penrose, Chief Executive

Steve Cunliffe, Finance Director

 

Pelham Bell Pottinger 020 7861 3232

David Rydell / Emma Kent / Rosanne Perry

 

 

About Sportech PLC

 

Sportech is one of the world's leading pools and tote gaming organisations focusing on highly regulated markets worldwide. Sportech provides pari-mutuel betting on football, horseracing and greyhounds processing over £8.5 billion in bets annually with a presence in 30 countries. Sportech also has a developing e-Gaming business.

 

For more information on Sportech PLC, please visit www.sportechplc.com

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IMSBLBPTMBMMBPB
Date   Source Headline
31st May 201812:45 pmRNSUS Sports Betting Platform Agreement
24th May 201811:01 amRNSNOTIFICATION OF MAJOR HOLDINGS
24th May 201810:45 amRNSResult of Annual General Meeting
24th May 20187:00 amRNSAGM Statement 2018
23rd May 20185:22 pmRNSNotification of Major Holdings
14th May 20185:52 pmRNSUS Supreme Court Ruling
14th May 20184:40 pmRNSSecond Price Monitoring Extn
14th May 20184:35 pmRNSPrice Monitoring Extension
8th May 20182:55 pmRNSAppointment of Chief Financial Officer
2nd May 20187:00 amRNSNotice of Annual General Meeting
30th Apr 20182:20 pmRNSExercise of Options
30th Apr 20181:47 pmRNSNOTIFICATION OF MAJOR HOLDINGS
27th Apr 20187:56 amRNSNOTIFICATION OF MAJOR HOLDINGS
26th Apr 20184:40 pmRNSSecond Price Monitoring Extn
26th Apr 20184:35 pmRNSPrice Monitoring Extension
26th Apr 201812:01 pmRNSDirector/PDMR Shareholding
25th Apr 20182:26 pmRNSNotification of Major Holdings
25th Apr 20187:00 amRNSBlock Listing Application
24th Apr 20187:00 amRNSTR-1 Notification of Major Interest in Shares
24th Apr 20187:00 amRNSFinal Results
23rd Apr 20187:00 amRNSProposed sale of Sportech Racing BV
18th Apr 20184:40 pmRNSSecond Price Monitoring Extn
18th Apr 20184:35 pmRNSPrice Monitoring Extension
12th Apr 201811:46 amRNSDirector Declaration
27th Mar 20182:45 pmRNSNOTIFICATION OF MAJOR HOLDINGS
27th Mar 201812:24 pmRNSForm 8.3 - Sportech plc
27th Mar 201811:11 amRNSNotification of Major Holdings
23rd Mar 201812:40 pmRNSNOTIFICATION OF MAJOR HOLDINGS
20th Mar 20182:25 pmRNSNOTIFICATION OF MAJOR HOLDINGS
14th Mar 201812:00 pmRNSForm 8.5 (EPT/RI) - Sportech Plc
14th Mar 20187:00 amRNSUpdate on Formal Sale Process and Trading
13th Mar 20183:20 pmRNSForm 8.3 - Sportech plc
13th Mar 201811:40 amRNSForm 8.3 - Sportech PLC
12th Mar 20183:20 pmRNSForm 8.3 - Sportech PLC
12th Mar 20183:20 pmRNSForm 8.3 - Sportech plc
9th Mar 20181:50 pmRNSForm 8.3 - Sportech PLC
8th Mar 201812:00 pmRNSForm 8.5 (EPT/RI) - Sportech PLC
8th Mar 201810:44 amRNSForm 8.3 - Sportech Plc
8th Mar 201810:29 amRNSForm 8 (DD) - Sportech Plc
6th Mar 20185:24 pmRNSForm 8.3 - Sportech PLC
5th Mar 201811:01 amRNSForm 8.3 - Sportech PLC
1st Mar 20183:33 pmRNSForm 8.3 - Sportech Plc
1st Mar 201812:00 pmRNSForm 8.5 (EPT/RI) - Sportech Plc
1st Mar 201810:53 amRNSForm 8.3 - Sportech PLC
28th Feb 201811:32 amRNSForm 8.3 - Sportech PLC
26th Feb 201812:21 pmRNSForm 8.3 - Sportech plc
26th Feb 20187:00 amRNSNotice of Preliminary Results
23rd Feb 20184:29 pmRNSForm 8.3 - Sportech PLC
22nd Feb 20182:29 pmRNSForm 8.3 - Sportech PLC
22nd Feb 20182:25 pmRNSForm 8.3 - Sportech PLC

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.