Following the migration of its Littlewoods Casino and Poker business to the Playtech platform and the launch of Vernons Casino and Poker in Q4 2011, Sportech has reported that its i-gaming business has “started the year well.”
Gross win revenue continues to be up over 30 per cent year-on-year following a period of customer recruitment onto the new platform. Sportech’s remaining i-gaming activities, primarily bingo, will transfer onto the Playtech platform later this year as it transitions its various product offerings to a single platform, single wallet approach.
Roger Withers, non-executive chairman of Sportech, reported that the group is performing in line with the board's expectations with operational progress being made in all areas of the business.
“The group remains highly cash generative and continues to focus on debt reduction while investing in selective business development opportunities,” said Withers. “Net bank debt in the four months to April 30, 2012, has decreased by £4.2m to £55m, following the £13m reduction in 2011. As previously reported, the group anticipates refinancing its bank facilities this summer and good progress is being made to this end.”
Sportech continues to make solid advances with Sportech Racing, its predominantly North American-based gaming business, following its acquisition 19 months ago. Trading in the group’s Tote Services division remains “encouraging” and continued progress is being made in its Interactive Products and Services division, with further contracts to provide interactive tote services to racetracks expected shortly.
The Football Pools business is performing in line with management expectations. Increasing the number of Classic Football Pools competitions in 2011 has continued to deliver enhanced customer and revenue benefits in 2012.
Withers added: “The group continues to prepare for the forthcoming anticipated regulatory change 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. We look forward to the future with confidence."
