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SPORTECH PUBLISHES 2015 RESULTS

Thursday, March 3, 2016 : SPORTECH PUBLISHES 2015 RESULTS
 
Final results chime with corporate predictions.
 
Sportech plc has released its 2015 numbers, revealing that in selling its New Jersey online gambling interests after just three months it realised a threefold return on its original investment.
 
Group highlights flagged by management include:
 
* Overall results in line with expectations with EBITDA of GBP 23.1 million - down on 2014's GBP 24 million;
 
* Group revenue down 4 percent at GBP 100.2 million;
 
* Statutory loss lower at GBP 9.7 million (2014: GBP 20 million);
 
* On a constant currency basis, revenue declined by 6 percent and EBITDA declined by 5 percent;
 
* Net debt reduced by 10 percent to GBP57.7 million;
 
* A pipeline of new international customers attracted by the company's investments in technology;
 
* Expansion into providing lottery products for professional sports teams;
 
* Football Pools division nearing completion of modernisation programme;
 
* Expansion of venues strategy into California
 
* Disposal of online interests in New Jersey for a pre-tax gain of GBP 8.1 million;
 
* GBP 97 million VAT refund appeal to be held in Court of Appeal on 7/8 April this year.
 
Ian Penrose, CEO, said:
 
"Overall, the Board is pleased with the strategic position that each of its divisions has secured, but recognises that each division will also require further investment, ahead of anticipated revenue and profit benefits, to better enable them to deliver their full potential.
 
"We have invested substantial time into developing our activities and licensing position in the US. During the year, we sold our iGaming interest in New Jersey, realising a threefold return on our investment after only three months of operation.
 
"We continue to evaluate opportunities to deliver the full potential of our divisions whilst ensuring we maintain prudent financial ratios. In this regard, over the past twelve months we have considered approaches for the Group as well as for The Football Pools.
 
"Despite this, we have remained focused on our operations and we will continue to investigate any proposals that recognise the value of the inherent potential of these businesses."



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Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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