REG - Sportech PLC - AGM Trading Update

SportechAnnouncement

30/05/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230530:nRSd8842Aa&default-theme=true

RNS Number : 8842A  Sportech PLC  30 May 2023

30 May 2023

 

SPORTECH PLC

('Sportech' or the 'Group')

 

AGM Trading Update

 

Strong start to the year

 

 

Sportech, an international betting and technology business, announces a
trading update ahead of its Annual General Meeting ('AGM') to be held at 12.00
p.m. today at Shakespeare Martineau, 6th Floor, 60 Gracechurch Street, London,
EC3V 0HR.

 

Trading Update

 

In the first four months of the year, trading has been in line with the
Board's expectations. Sports betting continues to experience a stable rate of
growth, supporting the operational cost base of the business.

 

Betting Handle was +5.28% at US$68.7m (2022: $65.2m).  Telebetting and online
Pari-Mutuel betting eased from pandemic record levels, resulting in aggregate
Pari Mutuel handle easing 5.15% to $32.3m (2022: $34.0m), despite betting
handle growth from the physical locations. Sports Betting handle grew an
impressive +16.7% to $36.4m (2022: $31.2m). In addition, US Sports Betting
hold is ahead of budget to date.

 

The above underpins the Board's optimism for achieving full year expectations,
which includes generating positive Group EBITDA.

 

The Board are evaluating numerous opportunities presently with regard to Group
cash and will update the investors and the market in due course.

 

The results of the AGM voting will be released today, following the AGM and
posted to the Company website:
 https://www.sportechplc.com/investors/shareholder-information/meetings-and-voting/
(https://www.sportechplc.com/investors/shareholder-information/meetings-and-voting/)

 

Richard McGuire, Executive Chairman, said:

 

"We are delighted to share the news of our strong start to the year, which can
be attributed to the outstanding efforts of our management team. By
capitalizing on our exclusive pari-mutuel betting license, we have
successfully tapped into a new demographic of sports betting enthusiasts,
opening up valuable cross-selling opportunities. The addition of sports
betting as part of our product range has played a pivotal role in ensuring the
financial stability of our Venues and paving the way for fresh avenues of
growth.

 

Our entire team is unwavering in our commitment to enhancing our business and
delivering maximum value to all stakeholders involved. With great
anticipation, we look forward to collaborating with the  new Connecticut
sportsbook provider as we approach an exciting period brimming with potential
for collective success."

 

 

 

Contacts:

 

 Sportech PLC
 Richard McGuire, Executive Chairman                                          ir@sportech.net (mailto:ir@sportech.net)

 Clive Whiley, Senior Independent Director
 Peel Hunt (Corporate Broker and NOMAD to Sportech) George Sellar / Andrew    Tel: +44 (0) 20 7418 8900
 Clark / Lalit Bose

Notes to Editors:

 

About Sportech

Sportech operates in the gaming market and has two main businesses. Firstly,
it runs Sports Bars and other betting venues in Connecticut, USA, where it has
an exclusive license to offer pari-mutuel wagering, it also has a distribution
agreement with the Connecticut Lottery Corporation to provide retail sports
betting. Secondly, Sportech provides online gaming through two separate lines
of business. Mywinners.com operates under an exclusive license to offer
pari-mutuel betting online in Connecticut, while 123bet.com offers pari-mutuel
betting online across the wider USA.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTAPMJTMTTTBRJ