Updating the market ahead of its annual general meeting (AGM), betting technology provider Sportech Plc has stated that 2016 trading is in-line with management expectations as the company has undertaken a number of operational improvements which have gained new customer wins.
Sportech governance was pleased to detail that the UK Court of Appeal had ruled unanimously in favour of its appeal case relating to a £97m VAT repayment claim on the “Spot the Ball” game against HMRC.
The company informed investors that HMRC would re-appeal the result, and that it expects a decision on the matter to be declared with the next two weeks.
During the first 4 months of 2015, Sportech has been able to upgrade its technology which has seen the company renew system contract with major account the Macau Jockey Club.
Furthermore, the company extended its provisions with Tabcorp, which will see the Australian gambling operator integrate a further 400 betting terminals.
Sportech continues its expansion in North America, securing new racing system customers in Lone Star Park (Texas) and Remington Park (Oklahoma).
Updating investors on its Football Pools product, Sportech governance declared that its ‘modernisation project’ would be complete within the next six weeks. Sportech stated that product would
“take advantage of the significant technological and operational improvements made throughout this modernisation process as the business finally completes its shift from a paper based and operational orientated business to a marketing and technology driven sports gaming business. We launched The Football Pools App in March and intend to broaden our distribution into retail late