Sports gaming company releases first-half operating profits and implements strategic review
Tuesday 19th September 2006
Sportech PLC has announced that its first-half operating profit from continuing operations has remained broadly static at £9.5 million against last year's £9.6 million, as the company moved to implement the strategic review it launched late last year.
The sports gaming company said that it is now refocusing on its original core football-gaming operations and on eliminating loss-making activities including reducing bank debt, which it says has already led to an 18 percent reduction to £92.3 million.
Chief executive Ian Penrose asserted, “Sportech is starting a process of significant change. We have great products and we operate in growing global markets,” he said. “Having sold loss-making operations we are now focused on growing our core businesses of football-related gaming, online bingo, poker and casino. We are addressing all areas of our business including new product issues, technology, distribution and commercial property.''
Penrose continued to underline that the outcome of the strategic review would not yield instant results, but would be an effective medium to long term strategy to create a viable growth which would in turn deliver better returns for shareholders.
