The board of Sportech Plc has informed investors of its intentions to cancel the trading of ordinary shares on the London AIM Exchange. The recommendation follows a comprehensive review by the board considering “the pros and cons of the company being publicly traded on the London AIM”. The review highlighted substantial costs (both monetary and other) tied to being a …
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Richard McGuire to serve as Chairman of new look Sportech
Sportech Plc has announced that Giles Vardey has decided to end his tenure as Non-Executive Chairman of the London AIM-listed wagering and racing systems supplier. Last week, Vardey notified Sportech’s board of directors that he would not seek re-election as chairman of the company, a position that he had served since July 2019. Former Sportech Chief Executive Richard McGuire (2019-to-2021) …
Read More »Sportech lauds slimmed profile to net £34m profits
Sportech Plc has backed its ongoing transformation strategy and focus on cost management, as the London AIM-listed racing and wagering systems provider declared statutory profits of £34.6m today. The much-improved bottom-line results see the firm reverse full-year losses of £12m recorded during 2020 trading. 2021 developments saw Sportech complete the disposals of its Global Tote business to BetMakers – Bump …
Read More »Strong H1 sees Sportech laud its ‘profits first’ identity
Sportech Plc has outlined its transformed organisation that is refocused on delivering a stronger balance sheet performance and profits for investors. Publishing its first interim results as a London AIM listed enterprise, Sportech registered group revenues to £13.5 million up 70% on corresponding 2020 results of £7.9 million. Period growth was attributed to Sportech’s 11 US Venue subsidiaries that registered …
Read More »Sportech tempts investors with a £35m share buyout tender
Sportech Plc has revealed its intentions to launch a tender offer, which has proposed an ‘up to £35.5 million payout’ to existing company shareholders. The tender offer has been sanctioned by Sportech’s senior leadership, with the wagering systems provider aiming to recapture 47% of its issued share capital – reported to be 88.8 million ordinary shares. Sportech has offered its …
Read More »Sportech proposes listing switch to London AIM
The governance of Sportech Plc has proposed that the racing and wagering systems supplier move its public listing from the London Stock Exchange (LSE) to the London AIM. The switch to the smaller London AIM has been branded as a better strategic option for Sportech considering its size, allowing the technology firm to “agree and execute certain transactions more quickly …
Read More »Sportech strengthens cash reserves to drive business transformation
Sportech Plc has delivered better than anticipated 2020 financial performance, offsetting the COVID-19 headwinds severely impacting global horseracing events and fixtures. Publishing its full-year 2020 results, the LSE-listed wagering and racing systems provider saw its group revenues fall to £20 million, down 41% on corresponding FY2019 results of £34 million. “COVID-19 severely impacted the business resulting in a 28% decline …
Read More »Sportech maximises cash position ahead of BetMakers takeover
The board of Sportech Plc has stated confidence that the LSE firm will deliver its full-year 2020 EBITDA results in line with corporate expectations. Issuing a pre-close 2020 trading statement, Sportech noted that despite enduring COVID-19 headwinds the company maintained its operational efficiencies across its core business verticals. Meeting unprecedented headwinds, Sportech focused 2020 trading on capital preservation and strengthening …
Read More »Sportech sheds Bump weight to Canadian Banknote
Sportech Plc has entered a ‘conditional agreement’ with Canadian Banknote Company (CBN) to sell its Bump Worldwide Inc subsidiary for a ‘gross consideration’ of CAD $10 million (circa £5.7m). Bump is the digital and in-stadia draw-based raffles solutions subsidiary of Sportech Plc which primarily services North American pro-sports franchises and collegiate sports organisations. Updating investors, Sportech confirmed that it had …
Read More »Refocused Sportech loses shine on Stamford impairment
Sportech Plc is confident that its expanded product portfolio will help it through the uncertainty of COVID-19, following a year of vital transformations across the company. Publishing its full-year 2019 results, the firm recorded a 2% group revenue increase to £65 million (FY2018: £63.5m) by optimising its cash-generating assets and operations. Product upgrades saw Sportech confirm ‘service growth’ for its …
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