Betting services firm’s upbeat trading update
SPORTECH, the listed betting services company with a football pools operation in Liverpool, says it has made a positive start to 2016 with a number of new customer wins as a court battle with HMRC over a £97m repayment claim continues.
In a trading update covering January 1 to May 16, the company said it is trading in line with management expectations.
This follows the announcement on May 4 that the Court of Appeal has ruled unanimously in Sportech’s favour in the group’s appeal case relating to a £97m VAT repayment claim on its Spot the Ball game.
Following the ruling, on Friday (May 13), HMRC informed Sportech that it has asked the Court of Appeal for permission to appeal to the Supreme Court against the decision.
Sportech has been advised that it should expect to hear whether HMRC have been granted the right to appeal by the Court of Appeal within two weeks.
Meanwhile, Sportech Racing and Digital has had an encouraging period to date in 2016.
The investment made over recent years in upgrading its technology has brought in new business, and the opening of our office in Singapore has started to deliver results in a region where we have previously had few customers.
“We have just secured a new contract to deliver a full suite of wagering systems for the Macau Jockey Club, in addition to the recently announced new system sales in Malaysia and Vietnam,” a statement said. “Furthermore, we have shipped over 400 new terminals to Tabcorp, our existing customer in Australia.
“Operationally, our technology has been installed, and we opened for wagering at our two newest North American customers, Lone Star Park and Remington Park.
“In addition, our technology is now available across racetracks in the UK to process all Tote wagering, and we were pleased to operate at the Cheltenham Festival for the first time this year.”
