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Sportech full year 2010 results
Posted 3/25/11 : Company well positioned for growth in 2011 and beyond as it benefits from Sportech Racing
Tote and pool gaming operator Sportech PLC announced changes in its non-executive Directorate along with its preliminary full year 2010 results, this week.
Chief Executive Officer of Playtech Ltd, Mor Weizer has joined the Board as a non-executive Director of Sportech Plc with immediate effect. As a result of Weizer's appointment, Shmuel Weiss, Chief Operating Officer of Playtech, has resigned as a Non-executive Director of Sportech.
Playtech owns 9.9 per cent of Sportech's issued Ordinary share capital, and enjoys a relationship with Sportech in providing a range of e-gaming, software products and services to the Company.
The company said it has further strengthened the composition of the Board with Roger Withers appointed as Chairman, and a further two Non-executive Directors appointed: Lorne Weil and Peter Williams. Ian Hogg was appointed as Chief Operating Officer UK and Online; and Brooks Pierce as President of Sportech Racing.
In related news, Sportech PLC presented its 2010 preliminary results for the year ended 31 December which the company said is "in line with market expectations".
Fiscal highlights for the period include:
- Revenue increased by GBP 6.6 million to GBP 71.2 million (2009: GBP 64.6 million)
- Adjusted operating profit of GBP 17.4 million (2009: GBP 19.5 million)
- Adjusted profit before tax of GBP 11.9 million (2009: GBP 14.7 million)
- EBITDA of GBP 19.7 million reflecting the highly cash generative nature of the Group
- Net bank debt reduced by GBP 7.7 million (9.6 percent) to GBP 72.2 million (2009: GBP 79.9 million)
- Adjusted earnings per share ("EPS") of 5.4p (2009: 10.5p)
- Loss after tax and loss per share (after significant acquisition costs and non-cash amortisation charges) of GBP 6.3 million (2009: loss of GBP 12.3 million) and 3.9p (2009: loss of 12.2p)
Ian Penrose, Chief Executive of Sportech PLC, said:
"The completion of the acquisition of Scientific Games Racing has established Sportech as one of the world's leading pools and tote betting operators and the Group now occupies a unique position in the regulated and emerging gaming markets worldwide.
"We have a very talented management team and a revitalised Board whose knowledge and experience will enable the Group to deliver on its growth strategy.
"The business is strongly cash generative which will allow us to continue making improvements to our customer offering and as a result have the capability for strong profitable growth by taking advantage of the rapidly growing gaming markets worldwide.
"Our current trading is in line with market expectations and we look forward to the future with confidence."
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