Sportech on target
LIVERPOOL-based football pools owner Sportech is trading in line with management expectations.
In an interim management statement ahead of today’s annual meeting chairman Piers Pottinger will tell shareholders: “Trading for the current financial year has started well and we are pleased to report that the group continues to trade in line with the board’s expectations.”
During the financial year the group has strengthened its balance sheet by revising its banking facilities until 2013, completed a £29.2m capital raising and bought Scientific Games Racing, the US gambling business for £51m.
The company said it was a strategically significant acquisition that will enable the creation of, “multi-sport pool-based betting platforms and an integrated suite of e-gaming products”.
As a result of the acquisition, Sportech will offer gaming and betting products and services in both football and horseracing. The deal is subject to international regulatory approvals, which should be in place by the end of next month.
Mr Pottinger said the launch of games with the Indian lottery brand Playwin had been “encouraging” and a range of new games have been launched ahead of next month’s World Cup.
“Having achieved our commercial turnaround strategy in 2010, we are now utilising our enhanced technological capabilities to offer an improved portfolio of products to consumers through a broader range of distribution channels than ever before,” Mr Pottinger will add.
