by Renee Israel
Sportech Plc released sound financial figures recently for the year, showing
that egaming dramatically helped to push tote gaming group's numbers up.
The leading UK-headquartered sports betting firm reported that its net bank
debt had decreased by £4.2 million in the four months leading up to the end of
April 2012.
The group's US-based Sportech Racing showed solid advances, while total
betting turnover from the Kentucky Derby yielded a record high $4 million. This
was up 11% compared to the previous year.
Sportech Plc's retail betting locations, as well as its phone betting
services showed a 4.5% climb in turnover in comparison to last year. The group's
Tote Service also made good progress, especially through its Interactive
Products and Services division.
Sportech said that it was expecting to sign several contracts through its
Tote Services arm in the near future. It also recently signed a retail
distribution deal with Stan James through its Football Pools division.
Some of Sportech's products transferred - or are in the process of
transferring - to Playtech's platform. Sportech's Littlewoods Casino and Poker
business made the move at the end of last year, while its bingo business is
expected to move later this year.
Sportech's Performance in Line with Expectations
The non executive chairman of Sportech Plc, Roger Withers said that trading
for the current financial year had started well and Sportech was pleased to
announce that it was performing in line with the Board's expectations, with
operational progress being made in all areas.
"The Group continues to prepare for the forthcoming anticipated regulatory
changes in the key international jurisdictions in which the Group trades and
accordingly, we believe Sportech will be ideally positioned to benefit from the
opportunities that these changes will deliver," he said.
Withers said that he looked forward to the future with confidence.
Changes Made Among Sportech Executives
The Sportech Plc financial report shows that Sportech also announced a
number of changes among its executives, including the immediate resignation of
the person in charge of its business development, Brooks Pierce. Sportech said
that Pierce was leaving Sportech in order to seek other business interests.
Changes have also been made in Sportech's North American business, such as
the promotion of Dave Haslett to Managing Director of Worldwide Sportech Racing.
Andrew Gaughan has been made Managing Director of Sportech Interactive Products
and Services.
