On the up Sportech in moves to dispose of football pools
SPORTECH, the listed betting services company, is still looking to offload its Liverpool-based football pools division, after “stabilising” the operation.
In its half year results to June 30, the company reported a 66% fall in statutory year-on-year pre-tax profit to £2.7m from £7.9m and a 1% increase in revenue to £11.1m from £11m.
The reduction in statutory profit before tax largely because of the £8.1m profit generated last year on the one off disposal of its online gaming interests in New Jersey in 2015 to NYX.
Meanwhile, the company won a VAT claim in the Court of Appeal which unanimously ruled in its favour in a £97m Spot the Ball VAT refund case.
The Group expects the outcome of HMRC’s direct appeal to the Supreme Court soon.
Chief executive Ian Penrose said: “I am pleased to report that the group had a good first half and is trading in line with management’s expectations.
“We have reached a key stage in our development, as our US business makes progress in both existing and new markets around the world, and our Football Pools business has reached expected stability after a number of years of modernisation.”
Discussions are ongoing over the possible sale of the pools operation.
Sportech has also announced the appointment of Richard McGuire, 49, to the board as non-executive director with immediate effect.
McGuire has served shareholders’ interests in a number of UK public and private companies as non-executive director and in other senior management positions.
Although spending most of his career within investment markets at leading global firms including HSBC, Salomon Brothers and Citigroup, he has in the last eight years rekindled his involvement in the racing, gaming and hospitality sectors.
