29 Jan 2013 07:00
29 January 2013
Sportech PLC ("Sportech" or "the Company" or "the Group")
Trading Update and Update on claim for VAT repayment
Following the announcement on 11 October 2012 in respect of the above claim, the Company has been informed by the First Tier Tax Tribunal (the "Tribunal") that it is likely to be notified of the Tribunal's decision in February 2013, rather than the end of January 2013, as previously expected.
The claim is for a repayment of VAT in excess of £40m (which could exceed £80m with simple interest applied) for its "Spot the Ball" game for the period 1979 to 1996.
The Board is pleased to report that the Group has traded in line with the Board's expectations for the year ended 31 December 2012. Good performances from our US venues and racing operations and our Football Pools business have counteracted a slightly disappointing performance in our e-Gaming division, due to brand changes and system migrations, which are being addressed. The Group's balance sheet remains robust and continues to benefit from strong cash flow generation.
The results for the full year to 31 December, 2012 will be announced on 6 March 2013.
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Contacts:
For further information, please contact:
Sportech PLC 020 7268 2400
Ian R Penrose, Chief Executive
Brunswick Group LLP 020 7404 5959
Mike Smith, Alison Dykes, Arif Shah, Lily Sheringham sportech@brunswickgroup.com