Sportech PLC AGM Statement & Notice of Interim Results (7620Z)
May 22 2019 - 1:00AM
UK Regulatory
TIDMSPO
RNS Number : 7620Z
Sportech PLC
22 May 2019
For immediate release 22 May 2019
SPORTECH PLC
('Sportech', the 'Group' or the 'Company')
AGM Statement & Notice of Interim Results
Sportech, the international betting technology business, will
hold its Annual General Meeting ('AGM') at 10.00 a.m. today at the
offices of Buchanan Communications, 107 Cheapside, London EC2V 6DN.
At the AGM, the Executive Chairman, Richard McGuire, will make the
following statement:
"The Group has made progress during 2019 implementing the
strategy to drive longer term profitability (as set out on 21 March
2019 in our full year results for the year ending 31 December 2018)
and we continue to trade in line with Board expectations.
"In Tote Services, we continue to secure new and extend various
existing client contracts across all geographies and also maintain
a focus on enhancing the system capability and innovation.
Sportech's Quantum Tote software recorded a successful Kentucky
Derby day when processing almost 100 million betting transactions
via more than 13,000 points of sale across the US and recording a
14% growth in Sportech's own retail internet volume.
"The global horse racing Tote market is showing signs of
stabilisation and management continues to focus on driving further
efficiencies, specifically managing the cost base whilst developing
innovative new products and strengthening our digital capabilities
to deliver a relevant, exciting and comprehensive product suite to
the market.
"Sports Betting legislation in Connecticut, where Sportech is
headquartered, employs 400 staff and has extensive business
interests, remains a core objective for the Group. Sportech
continues to work with all relevant parties to seek a solution,
however the 2019 Connecticut General Assembly Regular Session
adjourns on 5 June 2019 and there can be no certainty the relevant
Sports Betting legislation will be passed prior to this date.
"Our Venues business held a successful first two legs of the US
Triple Crown, however US horseracing handle remains challenging and
is further tested by neighbouring States such as New Jersey,
Pennsylvania and Rhode Island offering Sports Betting, which has
attracted some of our more significant retail customers. Management
remains focused on seeking appropriate Sports Betting licensing and
is ready to deliver Sports Betting opportunities in line with the
State legislative timetable, as noted above.
"The fixed cost base of certain properties remains an area of
focus and management has formulated plans to improve profitability
and drive efficiency across the division in the short to medium
term.
"Our Lottery division reported a solid start to the year and
continues to develop new opportunities and deliver innovative
solutions to existing clients. Revenues are in line with
expectations, growing at circa 10% year-on-year.
"At Bump 50:50 our developers continue to devise system
enhancements providing clients greater control over the management
of their raffle programs, delivering efficient customer service
demands, and improved cost management. Bump continues to pursue
opportunities and strategies in both US professional and collegiate
sports, while seeking to expand its global reach. With legal
requirements for mobile and online raffles becoming more accessible
in new jurisdictions Bump continues to focus on this initiative to
deliver incremental cost-effective returns.
"It is an incredibly busy time for the Company. We have a
dedicated and experienced management team and workforce. Together,
we remain committed to improving Sportech's capabilities to
clients; enhancing our product range and driving efficiencies
across every division to position the Group for efficient
sustainable growth."
Notice of Interim Results
The Group will announce its interim results for the six months
ended 30 June 2019 on Thursday, 22 August 2019. An analyst briefing
will be held at 9.30 a.m. on that date at the offices of Buchanan
Communications, 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 7466 5000
Richard McGuire, Executive Chairman
Peel Hunt Tel: +44 (0) 20 7418 8900
(Corporate Broker to Sportech)
Dan Webster / George Sellar / Guy Pengelley
Buchanan Tel: +44 (0) 20 7466 5000
(Financial PR adviser to Sportech) sportech@buchanan.uk.com
Henry Harrison-Topham / Mark Court
/ Jamie Hooper
Notes to Editors:
About Sportech
Sportech PLC, the international betting technology business,
provides and operates betting technology solutions for some of the
world's best-known gaming companies, sports teams, and horse and
greyhound racetracks, as well as owning and operating its own
gaming venues in Connecticut under exclusive licences.
The Group focuses on highly regulated markets worldwide. It has
more than 27,000 betting terminals deployed to over 400 clients in
37 countries. Its global systems process nearly US$12 billion in
betting handle annually. In the US, it operates under 35 licences
across 37 states. The Group has invested over US$60 million in the
last five years in the successful expansion of its US gaming Venues
and in developing its technology services, resulting in its
proprietary Quantum(TM) System being the most widely deployed
pari-mutuel betting system globally.
This information is provided by RNS, the news service of the
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END
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