Monday November 2,2015 : SPORTECH VAT CLAIM APPEAL POSTPONED (update)
Lack of Judicial availability
Sportech PLC’s long-running GBP 97 million VAT claim appeal regarding its “Spot the Ball” game has been delayed “due to a lack of judicial availability”.
The Court of Appeal will schedule a new hearing date.
INTERTAIN ENJOYS STRONG THIRD QUARTER
Substantial organic growth.
Online gaming firm Intertain Group delivered robust third quarter results across all four of its online businesses this week.
Key performance indicators for the three month period ending September 30, 2015 include:
– Group revenue of CAD 119.5 million (Q3/2014: CAD 13.7 million).
– EBITDA of CAD 43.7 million.
– Generated CAD 41.5 Million in operating cash flows used to pay down debt and fund earn-outs representing an adjusted EBITDA conversion rate of 94 percent.
– Used operating cash flow generated during Q3 and cash on hand to repay CAD 10.6 million in senior term debt; purchase for cancellation 972,712 shares for $11.4 million; and set aside CAD 18.2 million to fund the earn-out associated with the Jackpotjoy business.
– Revenues from Intertain’s Jackpotjoy business amounted to GBP 40.7 million, up 21 percent (Q3/2014: GBP 33.6 million).
– The Vera&John business generated revenues of Euro 12.2 million, again up 21 percent over the same period 2014 (Q3/2014: Euro 10.1 million).
– Mandalay generated revenues of GBP 5.4 million for the quarter compared with GBP 4.7 million in Q3 2014, representing 15 percent growth.
– InterCasino generated revenues of USD 6.2 million, 9 percent up on Q3/2014’s USD 5.7 million.
“Q3 was the first full quarter of operations for Intertain with all four of our business segments working together to demonstrate the cash flow power of our combined company,” commented John Kennedy FitzGerald, President and CEO of Intertain.
“We continue to see substantial organic growth as we leverage our corporate and operating level management teams’ expertise to optimize the performance of our business.”