The operator of The New Football Pools is eyeing a ‘significant acqusition’ that would generate ‘significant long-term value’.
Friday 27th November 2009
Sportech, the London-based operator of The New Football Pools, has released an interim management statement for the previous six months and stated that it expects trading to be ahead of last year albeit not at the growth rates previously anticipated.
The firm stated that it continues to build upon the ‘strategic initiatives put in place to develop the business’ while maintaining its ‘commitment to investing in new products, improving its technological capabilities and expanding distribution’.
Despite the current challenging economic trading conditions, Sportech announced that it has made ‘good progress’ in seeking growth opportunities in overseas markets and is currently pursuing a ‘significant acquisition’ that, if successful, would generate ‘significant long-term value for shareholders’.
Sportech revealed that the integration of Vernons is nearing completion while trading has been resilient in its traditional direct-to-home customer market, which now accounts for more than 70 percent of its weekly Classic Pools customer base. It stated that gross win for the year on its core Classic Pools products is at similar levels to last year while customer attrition levels in the collector channel are running at their lowest levels since 1994.
The firm has registered its best ever performance in terms of new online customer captures with current active numbers since the start of the football season more than 40 percent ahead of the same period in 2008. It revealed that this was down to its continuing investment in its FootballPolls.com platform, which it believes is an important element of its turnaround strategy.
“While general economic conditions remain challenging for Sportech and the gambling sector as a whole, improvements continue to be made in all of the key long-term areas of operations and business development,” read a statement from Sportech.
“The group has continued to enhance its range of products, secured additional distribution and significantly enhanced its technological capabilities. The customer offering continues to improve and represents a strong base on which to build.”
