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Friday August 26,2011 : Adjusted pre-tax profit up 28 percent
British gambling firm Sportech PLC announced its H1 Interim results for the six months ended June 30, 2011 this week.
Results include a six month contribution from the company's October 2010 acquisition of Sportech Racing formerly Scientific Games Racing.
Key performance indicators include:
-     Revenues of GBP 57.4 million (2010: GBP28.6 million), up 100 percent
-     EBITDA up 35 percent to GBP 12.4 million (2010: GBP 9.2 million)
-     Adjusted profit before tax up 28 percent to GBP 7.4 million (2010: GBP 5.8 million)
-     Profit before tax up to GBP 3.7 million (2010: loss of GBP 5.9 million)
-     Adjusted earnings per share of 2.6p (2010: 2.9p) on larger share base
-     Earnings per share of 1.2p (2010: loss of 4.0p)
-     Total net bank debt reduced by 10 percent to GBP 65.2 million (31 December 2010: GBP 72.2 million)
Strategic and operational highlights over the period show sound positioning for the future with the broadening of distribution and modernisation of the company's Football Pools yielding:
-     Agreements signed with Jennings, Better and Chisholm betting shops as well as to make products available online
-     International distribution agreements with both Centrebet in Australia and Phumelela Gold in South Africa for a suite of pools products
Sportech's acquisition of Scientific Games Racing in October 2010, renamed Sportech Racing, has seen an interactive division established to focus on the regulated online horseracing market with new contracts in Illinois and Puerto Rico.
The company is in the process of transitioning its various e-Gaming business to the Playtech platform with Vernons Casino and Vernons Poker soft launched on the the new portal in August 2011.  Littlewoods Casino, Poker and Bingo are scheduled to make the move within the second half of the year.
Ian Penrose, Chief Executive, Sportech PLC, said:  "We are pleased with the Group's performance during the first half of 2011.  Having successfully integrated Sportech Racing, we are focused on the continued development of our existing Group activities.
“The Group has produced a strong improvement in EBITDA performance, generated strong cash flows and reduced its net bank debt by 10 percent in six months, reflecting the current and longer term growth potential of the business."
In related news, the firm announced the appointment of David McKeith as an independent non-executive director with immediate effect.
A chartered accountant retired from Pricewaterhouse Coopers LLP, McKeith will in addition become the Chairman of the Group's Audit Committee.

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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