SpaceX IPO is the biggest IPO in stock market history. 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

Trading Statement

21 Jul 2011 07:00

RNS Number : 7743K
Sportech PLC
21 July 2011
 



 

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

Trading Update

Sportech PLC, one of the world's leading operators and suppliers of pools and tote gaming, announces a trading update for the six months ended 30 June 2011 ("the period"), ahead of its Interim Results, which will be announced on 25 August 2011.

Financial Summary

 

The Group's EBITDA performance remains in line with consensus market expectations* for the year as a whole which, reflecting the acquisition of Sportech Racing in October 2010, are over 30% up on the previous financial year.

 

The Group has generated strong cash in the period and the Board continues to focus on debt reduction whilst investing in appropriate business development opportunities. During the period, net bank debt has been reduced by a further £7.0m (10%) to approximately £65.2m. The Board anticipates a continuing reduction in net debt throughout the second half of the year.

 

Operational Highlights

 

Having completed the integration of Sportech Racing, the team is now fully focused on developing the business of our existing group activities.

 

Good progress has been made with the expansion of our B2B distribution into markets outside of North America. System and terminal sale agreements to our customers in Argentina and Chile are both on schedule for delivery in the second half. We have also secured a 550 unit terminal sale to Fintoto, Finland's sports betting operator, for delivery later this year.

 

Our interactive product and services contract to race tracks in Illinois goes live on 1 August 2011. We expect to announce further contracts in this area shortly.

 

The $1.5m initial refurbishment program to improve Sportech Racing's retail betting venues in Connecticut is now complete. There are already encouraging early results with improvements in handle (bets placed) throughout May and June compared to both the prior year and overall market trends.

 

The Group continues to invest in modernising its Football Pools business and extending its distribution network, whilst focusing on costs and cost effective customer acquisition. In addition to those already announced, we are pleased to have secured a further distribution agreement with Centrebet, a major Australian bookmaker, which will go live prior to the start of the new football season next month.

 

As previously announced, the 2011 full year is one of transition for our e-Gaming operations as we transfer our gaming software for our many products to that provided by Playtech, the world's leading online gaming technology business. The business continues to trade in line with expectations and migration is fully planned and on schedule to be completed through the remainder of this year.

 

*As at 20 July 2011, the Company believes consensus market expectations is £ 26.0m EBITDA and net debt of £64.3m for the year ending 31 December 2011.

  

Ian Penrose, Chief Executive of Sportech PLC commented:

 

"We are pleased with the Company's first half performance as we strengthen Sportech's position as one of the world's leading suppliers and operators of pools and tote gaming. The Group has produced a strong improvement in EBITDA performance and generated strong cash flow, which we believe reflects the current and longer term growth potential of the business."

 

- 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
 
 
TSTEAXXEAELFEFF
Date   Source Headline
6th Nov 20087:00 amRNSInterim Management Statement
19th Sep 20084:47 pmRNSHolding(s) in Company
12th Sep 20082:30 pmRNSHolding(s) in Company
18th Aug 20087:00 amRNSDistribution Deal with Daily
15th Aug 20087:00 amRNSDaily Telegraph Distribution
5th Aug 20087:00 amRNSInterim Results
23rd Jul 20087:00 amRNSBoard Appointment
21st Jul 20083:00 pmRNSNotice of Results
4th Jul 200811:05 amRNSAnnual Information Update
3rd Jul 20084:23 pmRNSHolding(s) in Company
1st Jul 20084:02 pmRNSResult of AGM
1st Jul 20087:00 amRNSAGM Statement
24th Jun 20087:00 amRNSRe Agreement
24th Jun 20087:00 amRNSRe Agreement
19th May 20087:00 amRNSInterim Management Statement
14th May 20082:56 pmRNSHolding(s) in Company
14th May 20087:00 amRNSHolding(s) in Company
13th May 20085:26 pmRNSHolding(s) in Company
18th Apr 200811:20 amRNSArticles of Association
11th Apr 20084:29 pmRNSHolding(s) in Company
20th Mar 20082:10 pmRNSHolding(s) in Company
18th Mar 20087:02 amRNSFinal Results
19th Feb 200811:45 amRNSNotice of Results
22nd Jan 20083:45 pmRNSHolding(s) in Company
8th Jan 20082:54 pmRNSAnnual Information Update
6th Dec 200711:35 amRNSHolding(s) in Company
5th Dec 20075:03 pmRNSHolding(s) in Company
3rd Dec 200712:31 pmRNSAdmission
30th Nov 20071:02 pmRNSResult of EGM
28th Nov 20072:45 pmRNSHolding(s) in Company
15th Nov 200712:20 pmRNSHolding(s) in Company
9th Nov 20074:30 pmRNSHolding(s) in Company
7th Nov 20077:08 amRNSLadbrokes Plc sells Vernons
7th Nov 20077:02 amRNSAcquisition
11th Oct 20077:03 amRNSStatement re CC findings
11th Sep 20077:01 amRNSInterim Results
6th Sep 20073:19 pmRNSHolding(s) in Company
31st Aug 20077:05 amRNSStatement re CC findings
31st Aug 20077:00 amRNSSportech Merger PFs
28th Aug 20079:03 amRNSNotice of Results
16th Jul 20077:00 amRNSAppointment of NED
28th Jun 20074:59 pmRNSAGM Statement
28th Jun 20077:01 amRNSAGM Statement
12th Jun 20077:01 amRNSSportech/Vernons Merger
25th May 20078:42 amRNSStatement re OFT Decision
3rd May 200712:26 pmRNSStatement re OFT Decision
3rd May 200712:00 pmRNSMerger Update
10th Apr 200712:00 pmBUSSportech Signs up for Orbis' OpenBet(TM) Platform and Games Content
29th Mar 20077:04 amRNSOrbis Partnership
29th Mar 20077:04 amRNSScientific Games Partnership

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.