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16 Sep 2014 14:39
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16 September 2014
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Sportech PLC ("Sportech" or "the Group")
Update - VAT repayment claim
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Sportech, one of the world's leadingΒ operators and suppliers ofΒ poolΒ and toteΒ betting services,Β hasΒ been informedΒ thatΒ theΒ Upper TribunalΒ (Tax and Chancery Chamber)Β has ruled in favour ofΒ Her Majesty's Revenue & Customs ("HMRC"),Β inΒ HMRC'sΒ appealΒ case relating to a VAT repayment claim on the "Spot the Ball" game.Β This follows the initial ruling last year of the First-tier Tribunal in Sportech's favour, and the payment by HMRC to Sportech of Β£93m in June 2014.
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Sportech has been givenΒ until 15 October 2014 from the date of the written decisionΒ to decide whetherΒ toΒ seek permission toΒ appeal.Β TheΒ GroupΒ will update shareholdersΒ once a decision has been made.
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Following this judgment, Sportech is required to repay the money received to HMRC in due course.Β The gainΒ recognisedΒ in the 2014 interim financial statements will be reversed.
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-Β ENDSΒ -
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For further information, please contact:
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Sportech PLC 020 7268 2400
Ian R Penrose, Chief Executive
Cliff Baty, Chief Financial Officer
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Investec Bank Ltd 020 7597 5970
Patrick Robb
Henry Reast
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Peel Hunt LLP 020 7418 8900
Dan Webster
Richard Brown
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Brunswick Group LLP 020 7404 5959
Mike Smith and Tom Williams
sportech@brunswickgroup.com
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