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Sportech PLC (SPO)

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Thursday 24 May, 2018

Sportech PLC

AGM Statement 2018

RNS Number : 0910P
Sportech PLC
24 May 2018
 

For immediate release

24 May 2018

 

 

SPORTECH PLC

('Sportech', the 'Group' or the 'Company')

 

AGM Statement 2018

 

Sportech, the international betting technology business, will hold its Annual General Meeting ('AGM') at 09.30 a.m. today at the offices of Buchanan Communications, 107 Cheapside, London, EC2V 6DN.  At the AGM the Chief Executive Officer, Andrew Gaughan, will make the following statement:

 

"Since we reported our Final Results on 24 April 2018, Sportech welcomed the US Supreme Court decision on 14 May 2018 which effectively permits each state to now adopt legislation to licence and regulate sports betting. We believe that Connecticut, where Sportech owns and operates a network of off-track betting facilities and a licensed online and mobile betting services, will be an early adopter of a comprehensive and rigorous regulatory framework for sports betting.  We have been a proactive supporter of legislation to regulate sports betting to combat the spread of illegal activity and to protect consumers.  Sportech has a presence in 37 states and we therefore believe that we are extremely well positioned to act quickly and decisively in those states that pass legislation permitting sports betting in the wake of this decision.  We highlighted in our Final Results announcement our focus on the US sports betting opportunity and we will continue to update shareholders further as this situation develops.

 

Our Racing and Digital division is broadly trading in line with management expectations and increasing our sales pipeline remains a key focus for the current financial year.  It will be a key variant in achieving or exceeding our internal revenue and profits expectations for 2018.

 

Bump 50:50 continues to make encouraging progress, growing its market share in the provision of technology and support services for in-stadia electronic charity lotteries.  Bump 50:50 has added a further seven new professional sports teams; its first PGA tour event, and three NASCAR race tracks to its roster this year.  The professional sports teams signed include the NFL's New York Jets.  Bump 50:50 also had six teams in NHL Stanley Cup playoffs, with three reaching the quarter finals, which have generated enhanced playoff jackpots.

 

The Kentucky Derby day was a great success with Sportech technology effectively processing approximately 93 million transactions through 280 North American locations on behalf of end-user customers.   We recorded record turnover, with total handle up 4 per cent on last year with internet wagering leading the growth, while food and beverage sales delivered solid gains on the previous year.  We are now looking forward to heightened interest in the Belmont Stakes on 9 June 2018 due to the potential for a triple crown winner.

 

Revenue growth in our retail Venues division for the year to date has been higher than the previous year, although below Board expectations, given the investments made in 2016 and 2017.  The recruitment process for adding further specialist skills to the team is nearing completion and we expect these further enhancements to positively impact the results in our Stamford and other locations in 2018."



 

 

Notice of Interim Results

 

The Group will announce its Interim Results for the six months ended 30 June 2018 on Thursday, 23 August 2018.  An analyst briefing will be held at 09.30 a.m. on that date at the office of Buchanan, 107 Cheapside, London EC2V 6DN.

 

Publication on website

A copy of this announcement is also available on the Company's website at www.sportechplc.com.

 

- Ends -

 

Contacts:

 

Sportech PLC

Tel: +44 (0) 20 7268 2400

Richard McGuire, Non-Executive Chairman

Andrew Gaughan, Chief Executive Officer


Tom Hearne, Chief Financial Officer

 


Peel Hunt

Tel: +44 (0) 20 7418 8900

(Corporate Broker to Sportech)

Dan Webster / George Sellar




Buchanan

Tel: +44 (0) 20 7466 5000

(Financial PR adviser to Sportech)

Henry Harrison-Topham / Mark Court / Jamie Hooper

[email protected]

 

Notes to Editors

 

About Sportech

Sportech PLC, listed on the London Stock Exchange, provides and operates technology solutions for some of the world's best-known gaming companies, sports teams, horse and greyhound racetracks, as well as owning and operating its own gaming venues in Connecticut, USA under exclusive licences.

 

The Group is an international betting technology business focused on highly regulated markets worldwide.  It has more than 27,000 betting terminals deployed to over 400 clients, across 37 countries including those in the USA, where it operates under 35 licences, across 37 States and processes approximately US$12 billion of bets annually.  The Group has invested over US$60 million in developing its technology services to clients and the successful expansion of its leading US gaming Venues in the last five years, resulting in its proprietary Quantum™ product being the most widely deployed pari-mutuel betting system globally.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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