Morning All!

Just one company to report on today.

Sportech ( Sportech (LON:SPO) ) – 6-Nov-2017 – 101.25p – £187.9m – PER 40.1

Trading Update For The 3 Month Period 1-Jul-2017 To 30-Sep-2017 – Q3 Revenue up 7.6% to £18.3m (£17m last time) – YTD Revenue up 5.8% to £54.7m. As highlighted in August “certain pari-mutuel technology and hardware sales anticipated during the year may be delayed to 2018”. There is an intent to “make a further, and significant, distribution to shareholders this year”, from the capital reserve which is circa £55.6m (30% of Mkt Cap). The outlook is in-line.

On a PER of 40.1 the market may have been expecting more here – Perhaps the significant distribution will be significant enough. Although they could probably could get away with a 20% Special Dividend, I question it’s worth here at this price.

Not much here to excite me here this morning.

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