SBC News Sportech begins its lightened tenure on London AIM

Sportech begins its lightened tenure on London AIM

Sportech Plc has confirmed that it has completed its full public listings migration onto the London AIM exchange. 

As of 8:00 AM this morning, the London AIM accepted the admission of Sportech shares priced at 20 pence each, with the wagering and racing systems supplier maintaining its ‘SPO’ ticker.

Sportech’s listings migration was first proposed last June, as the company’s board sought to migrate the company from the London Stock Exchange (LSE) to the smaller London AIM.

The transaction was deemed a ‘better strategic option’ for investment, reflecting Sportech’s actual size, opportunities and ambitions.

Founded in 1995, the London AIM was established as a small-to-mid cap exchange, helping London diversify its investment portfolio from blue-chip stocks offered by the LSE.   

Providing lighter regulatory demands, the AIM exchange has helped smaller enterprises secure access to investment through a public option.  

2020 trading saw Sportech deliver a ‘better than anticipated EBITDA loss of £2.3 million (FY2019: -£1.9m) as the company’s commercial pipeline was hindered by severe COVID-19 pandemic headwinds impacting global horseracing events and fixtures.

Further 2020 developments saw Sportech shrink its operating capacity, as the technology group sold its Global Tote business to BetMakers and Bump 50:50 in-stadia wagering unit to the Canadian Banknote Company.

A new look, Sportech continues its corporate transition led by CEO Richard McGuire focused on maximising the capacity of its earnings effective units to bolster the firm’s cash reserve, which currently stands at £17 million. 

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