Tue, 07 Nov 2017 | BUSINESS SALE
A London-based gambling company is hoping to be snapped up by an interested buyer after reporting a big jump in revenues for the past quarter.
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."
Find a business for sale
Subscribe to Business Sale Report
The company offers a well-regarded own brand of hair care products focusing on hair growth and repair, featuring premium formulas that are natural, vegan, and cruelty-free. With a strong global presence and prestigious industry awards, the business h...
This business offers a cutting-edge process safety management platform with proprietary software that ensures proactive safety measures for both onshore and offshore assets. With a strong foothold in the oil and gas sector and recent expansion into i...
This business offers a comprehensive range of road surfacing and civil engineering services, supported by significant investments in state-of-the-art equipment and a recently acquired operational site in Scotland to optimise efficiencies. With robust...
03
|
Jul
|
Energy services firm completes third acquisition | BUSINESS SALE
Energy services firm Earnz plc has completed its third acqui...
03
|
Jul
|
Newcastle life sciences firm falls into administration and ceases trading | ADMINISTRATION
AMLo Biosciences, a life sciences firm based in Newcastle, h...
03
|
Jul
|
Matthew Freud exploring possible sale of eponymous PR consultancy | BUSINESS SALE
Leading public relations executive Matthew Freud (pictured) ...
03
|
Jul
|
Management buy-in at automotive recruitment company | MBO/MBI
Pybus Recruitment, an automotive recruitment company based i...
03
|
Jul
|
Matthew Freud exploring possible sale of eponymous PR consultancy | BUSINESS SALE
Leading public relations executive Matthew Freud (pictured) ...
03
|
Jul
|
Newcastle life sciences firm falls into administration and ceases trading | ADMINISTRATION
AMLo Biosciences, a life sciences firm based in Newcastle, h...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.