Tag Archives: LSE

Rank seeks £80m final settlement with HMRC on machine duties

Rank Group Plc has been granted a 60-day extension by the First-tier Tribunal Tax Chamber (FTT) to resolve its settlement on incorrect gaming machine duties charged between 2005 and 2013 with HMRC.  The LSE gambling group is guaranteed a tax rebate as HMRC can no longer challenge its appeal previously rejected by an Upper Tribunal review – which serves as …

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Rank reorganises digital leadership to lead unit turnaround

Rank Group Plc has confirmed the promotion of Eitan Boyd to the leadership position of Group Chief Innovation Officer (CIO). Boyd is the former Chief Executive of Stride Gaming, the multi-brand igaming operator acquired by Rank in 2019 for £120 million. The promotion was disclosed by Rank governance updating investors on the LSE group’s digital progress, in which Rank stated …

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888 confident that product growth will outride inbound headwinds 

888 Holdings has cited confidence in achieving its 2021 growth objectives, as the company enters a crucial H2 trading period aware of numerous dynamics impacting its commercial performance. This morning, the LSE-listed online gambling group published a pre-close Q2 trading update, anticipating group revenues of $257 million – up 20% on 2020 corresponding results of $214 million. The revenue uplift …

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Sportech maximises cash position ahead of BetMakers takeover  

The board of Sportech Plc has stated confidence that the LSE firm will deliver its full-year 2020 EBITDA results in line with corporate expectations. Issuing a pre-close 2020 trading statement, Sportech noted that despite enduring COVID-19 headwinds the company maintained its operational efficiencies across its core business verticals. Meeting unprecedented headwinds, Sportech focused 2020 trading on capital preservation and strengthening …

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BetMakers leads €34m pursuit of Sportech to supercharge global outlook

BetMakers Technology Group has this morning communicated that it has reached a ‘binding agreement’ with the board of Sportech Plc to acquire the company for AUS $56.2 (€34m) valuation, undertaken on a cash-free / debt-free basis. The ASX-listed technology group will acquire all Sportech US, European and UK assets and IPs, establishing the company as the leading global supplier of …

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888 flexes tech and product muscle as company upgrades all 2020 forecasts 

Reporting growth across all core metrics and strong progress on its year objectives, 888 Holdings has upgraded its full-year 2020 earnings to be ‘significantly ahead of its prior expectations’.  Publishing its 2020 interim results (period ending 30 June), 888 has recorded a 37% increase in group revenues to $379 million (H12019: $277m) which the company stated was largely driven by …

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Sportech highlights new client wins under lockdown

Ahead of today’s AGM, Sportech Plc has issued a trading update,  informing investors of further COVID-19 pandemic impacts and countermeasures undertaken by the LSE-listed wagering technology group.  Updating investors, Sportech explained that it has implemented its pandemic cost-saving measures announced during March trading, based on its forecast scenario that global sporting events would be curtailed through to the end of …

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Flutter begins ‘new era’ by completing merger with Stars Group

A new FTSE100 gambling giant was formed this morning, as Flutter Entertainment Plc confirmed the outright completion of its $11 billion merger with The Stars Group Inc (TSG).   Flutter has completed its six-month merger pursuit of TSG ‘on schedule’, securing all regulatory (Australia, UK and US) and shareholder approvals during the first half of 2020 trading.  Updating its timetable, the …

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Refocused Sportech loses shine on Stamford impairment 

Sportech Plc is confident that its expanded product portfolio will help it through the uncertainty of COVID-19, following a year of vital transformations across the company. Publishing its full-year 2019 results, the firm recorded a 2% group revenue increase to £65 million (FY2018: £63.5m) by optimising its cash-generating assets and operations.  Product upgrades saw Sportech confirm ‘service growth’ for its …

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Short Sellers target UK betting’s regulatory exposure

City news sources report that an £80 million bet has been placed against GVC Holdings, believing that the FTSE250 betting group’s share price will significantly devalue within the coming weeks. The short position against GVC has been taken by Chicago-based hedge fund Citadel, a $32 billion fund led by renowned activist investor Ken Griffin. Citadel analysts have confidence in betting …

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