Sportech Issues I.m.s.

SPORTECH ISSUES I.M.S.

13th May, 2014 at 05:41:00
Source: http://www.azonlinecasinos.com

Betting company is on track to meet expectations.

Sportech plc, a publicly listed UK online and land betting group, has posted its interim management statement for the period from 1 January 2014 to date.

Highlights of the statement include:

* Overall trading remains in line with expectations despite the severe winter weather in the North East of the United States impacting the Venues business. In the first four months of the year, there were 237 race cancellations compared to 74 in 2013 and 27 in 2012 with a consequential impact on business performance.

* Bank debt has been refinanced on improved terms and extended to August 2018. The new 80 million multi-currency, revolving credit facility has been agreed with the Royal Bank of Scotland plc, Barclays Bank plc and Bank of Scotland plc.

* Continued advances in key strategic initiatives in the United States, including:

The launch of a new $4 million flagship sports bar, restaurant and betting venue in Bradley, Connecticut.

Approvals won for a sports bar, restaurant and betting venue in downtown San Diego, California.

"MyWinners" mobile betting application launched in Connecticut and available in the Apple App Store on iTunes.

* Football Pools modernisation continued with over 7,000 new players acquired since the beginning of 2014.

* Trading in Sportech's technology betting business, Sportech Racing and Digital, remains in line with expectations, helped by a robust performance from a Dominican Republic customer. During the period Sportech successfully completed the operational delivery of prior year system sales to Danske Spil and Penn National Gaming, and negotiations with new clients are continuing.

Having sold the Vernon's branded Playtech casino to NetPlay TV in 2013, casino revenue is no longer received.

Management reports that the appeal case relating to a 95 million VAT repayment claim on Sportech's "Spot the Ball" game was heard by the Upper Tribunal on 29 April, 30 April and 2 May 2014.

The claim, which includes simple interest, was successfully determined in the group's favour by the First-tier Tax Tribunal in March 2013. The group has been advised to expect a decision from the Upper Tribunal by late summer this year and remains confident of a successful outcome.

Related News Tags: ,



« News index »



PLAYTECH'S BGT SPORTS EXTENDS BOYLESPORTS DEAL

28th March, 2017 at 19:47:54
Four-year agreement includes installation of additional 325 terminals

MARVEL GAMES TO DISAPPEAR FROM PLAYTECH OPERATOR SITES AT THE END OF MARCH

25th March, 2017 at 08:38:18
Many popular slot titles affected...but replacements are ready to go.

ONCE RATIONAL GROUP IS PAID OFF, WILL AMAYA BE LOOKING FOR ACQUISITIONS?

24th March, 2017 at 16:47:40
$4.9 billion consideration agreed for Rational Group in 2014 is due for final payment this year...but what then for Amaya?

PLAYTECH FOUNDER SELLS 4 PERCENT SHARE

15th March, 2017 at 16:08:44
Further sales subject to a lock-up agreement until end May 2017.

RESPIN CLINCH FIRST TIER 1 US CASINO DEAL

15th March, 2017 at 16:08:44
For launch of Rapid Games in-venue mobile games platform.