27 Jan 2009 07:00
Sportech PLC
Pre Close Trading Statement
Sportech PLC ("Sportech" or "the Group"), one of the UK's leading gaming businesses, today issues a trading update for the year ended 31 December 2008.
The initiatives undertaken during 2008 have resulted in a major improvement in the strategic positioning and performance of the business. Trading during the second half of 2008 has been robust, resulting in a full year outcome in line with management expectations.
The Group continue to develop as a growth oriented sports, leisure and gaming business. During the year significant investment and management time was devoted to upgrading the Group's products, technology and routes to market.
The rebranding and relaunch of The New Football Pools (formerly the Littlewoods and Vernons Football Pools businesses) in August has driven increased resilience in customer numbers. Additional distribution for a selection of Football Pools products was launched across the Ladbrokes betting shop estate during December. Additional arrangements to further enhance distribution are expected to be announced during 2009.
The majority of the Vernons Pools business has been successfully integrated ahead of schedule. We expect the final part of the integration, being the migration of customers onto the Group's new Scientific Games powered gaming platform, to be completed by the half year which would bring further synergies.
The Group is committed to providing first class gaming products to a global marketplace. The technology, marketing and distribution partnership with 888 Holdings plc was launched in October 2008 with the online casino and poker business. An additional bingo brand, GameOn Bingo.com (to complement the existing Littlewoods Bingo.com) was launched this month, and will be joined by Pools and Slots products over the next few months.
The Board believes the investment in the business and strategic relationships formed during 2008 has strengthened the Group considerably. The Board consider Sportech's high volume, small value ticket characteristics put it in a strong position to weather the economic downturn, as it has done on many occasions since the business was formed in 1923.
The Group will announce its preliminary results for the year ended 31 December 2008 on 24 March 2009.
- 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