SBC News Sportech confident of EBITDA positive year results despite Lindley CEO exit

Sportech confident of EBITDA positive year results despite Lindley CEO exit

Sportech Plc has issued a business update, informing investors that Andrew Lindley has chosen to step down as Chief Executive of the London AIM wagering and racing systems provider. 

Investors were informed that Lindley would not stand for re-election as company leader ahead of today’s AGM.

Lindley’s departure comes less than a year in charge of Sportech, in which he had replaced current non-executive Chairman Richard Maguire as CEO of the business.

Sportech informed that Maguire had been promoted to executive chairman duties, charged with leading the firm’s CEO succession plans.

“The board would like to thank Andrew for his professionalism and services to the company during his tenure as the CEO,”  – read Sportech’s statement.

Further developments saw Sportech provide a business update on 2022 trading that was “in line with the Board’s expectations”.

Corporate governance outlined confidence in achieving its year objective of delivering a Positive Group EBITDA result.

Growth expectations are attributed to the Group’s Connecticut Venues benefitting from a high rate of growth in sports betting, outriding continued COVID-19 effects on pari-mutuel food and beverage trade that remains ‘below 2019 highs’.  

As previously announced, Sportech has proceeded to reward its investors with a 7p-per-share dividend, declaring an aggregate payment to shareholders of £7 million.

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