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