Tag Archives: Sportech Plc

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 …

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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 …

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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 …

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Sportech terminates talks with Standard General

The Board of Sportech Plc has confirmed that talks with US investment firm Standard General have been terminated. This announcement follows Standard General’s revelation this morning that it did not intend to make an offer for the firm. Wagering and racing systems provider Sportech Plc revealed at the start of December that it had entered into a conditional agreement to …

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SBC Magazine Issue 8: International expansion and picking up the sporting slack

Magazine

A focus on international expansion and how we, as the betting and gaming industry, will get through COVID-19 are the key themes throughout Issue 8 of SBC Magazine. Now available to view HERE, it starts by tracking the journey of Giovanni Garrisi from a mathematician beating the pools to starting a 50/50 JV with Stanley Leisure, seizing an opportunity to …

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Sportech closes year of US realignment recording £2.4 million loss

London-listed racing and wagering systems supplier Sportech Plc has published its full-year 2018 results, detailing a year of corporate adjustments as the company continues to pursue its US growth prospects. Updating the market, Sportech records a 4% decline in corporate revenues to £64 million (FY2017: £66 million) having detailed last November that expected sales contracts did not materialise. Despite its …

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Tough week sees Sportech call off corporate sale

A grim week for London-listed betting and racing systems provider Sportech Plc has seen its share price halved, as corporate governance halts its planned enterprise sale. On Wednesday, Sportech published a corporate update, confirming that it had uncovered a ‘series of accounting irregularities for 2017 trading’. The unexpected event, sees Sportech governance anticipate 2017 corporate earnings to ‘fall below expectations’ …

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Sportech reaches multi-layered ten year Camarero agreement

Copyright: somchaij / 123RF Stock Photo

Sportech Racing and Digital has announced that it has entered into a fresh multifaceted agreement with the Puerto Rican Camarero Racetrack. The division of Sportech PLC, has undertaken a new ten year contract with its long term customer, related to totalisator services and web and mobile pari-mutuel betting platforms. Through the Sportech Quantum System, pari-mutuel betting software and local operational …

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Sportech to upgrade Parx Racing Pennsylvania mobile & web services

Pennsylvania based racetrack operators Keystone Turf Club and Bensalem Racing Association have appointed Sportech Racing & Digital to upgrade the web and mobile betting solutions for its Parx Racing venue. The agreement sees the Sportech Plc division, extend its totalisator services at Parx Racing, through its agreement with Bensalem and its syndicated off-track betting locations. Deal stakeholders inform, that Parx …

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Sportech approves £53 million capital redistribution for shareholders

Updating the market, London-listed betting systems provider Sportech Plc has confirmed that it has completed its ‘capital reduction plan’ attached to the sale of it’s the Football Pools division, completed in June 2017 for £83 million. In accordance with previous transaction objectives, Sportech governance has declared a 29p-per-share distribution for its shareholders, which will see the company complete a cash …

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