London gambling firm to invite buyer offers
Sportech, which specialises in sports betting and gambling technology, has taken in revenues worth £54.7 million in 2017, marking an annual increase of 5.8 per cent. In the third quarter of the year alone, revenues has surged by six per cent.
The growth was propelled by an app called Bump 50:50, which is used by American Football teams, as well as US baseball and basketball leagues to manage charity raffle programmes, increased revenue by 41.5 per cent year-on-year, too.
Sportech said its plan for further growth was to expand the range of its partnerships for the app across Canada and the US.
The London firm also operates a venues business which maintains retail betting locations and sports bars with gambling facilities.
Following approaches from unnamed potential buyers and a consequent strategic review, Sportech is sounding out deals from interested buyers around the world and has invited more offers from interested parties.
The firm’s chief executive, Ian Penrose, and CFO Mickey Kalifa are both slated to leave Sportech in December, the firm also announced, with no replacements currently planned.
Richard McGuire, Sportech’s non-executive chairman, said that trading had continued to go well in the first few weeks of the current quarter and the board expected the marketplace to continue supporting this into the end of the year.
He added: "During the coming weeks, we expect to provide a further update on the proposed distribution to shareholders and, at the appropriate time, provide further comments relating to the ongoing formal sale process. Our financial position remains robust, and will benefit further from annualised cost savings of at least £2m."
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