Vardey party at Sportech as formal sales process continues

Vardey party at Sportech as formal sales process continues

Monday, November 20, 2017 Posted by Luke Massey
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Vardey joins Sportech as independent Non-Executive Director

Sportech has appointed Giles Vardey as independent Non-Executive Director to provide “wise counsel” and “balance” to the board during the company’s formal sales process.

Vardy, 35, has previously served in similar roles for Collins Stewart Hawkpoint, Plus Markets and London Capital Group, while he gained industry experience as Non-Executive Chairman of Trident Gaming between 2005 and 2008, during which time the business was sold to PartyGaming.

In the same week as announcing the appointment of Vardey, the former CEO of Fidelity Brokerage and a Director of Market Development for the London Stock Exchange, the company also confirmed the completion of a capital reduction plan for the sale of its Football Pools division.

Sportech declared a 29p-per-share distribution for its shareholders, which will see the sports gaming and technology company complete a cash redistribution payment of £53.8 million. Capital reduction payment will be made on Monday 18 December, and awarded to registered shareholders by Friday 24 November. The shares will be marked ex-dividend on Thursday 23 November.

Despite the relative turbulence of the last few months, Sportech recorded revenues of £18.3 million for Q3 2017, up 7.6% from the corresponding period in 2016 (£17 million). The company’s year to date (YTD) revenues increased by 5.8% to £54.7 million.

In the trading update released earlier this month, Sportech also outlined its ability to “capture higher margin revenues” through its high performing Racing and Digital division (revenues up 8.1% from Q3 2016) and the success of its sports raffle product, Bump 50:50 (revenues up 41.5%).

Totally Gaming says: Richard McGuire, Non-Executive Chairman of Sportech, was delighted with the appointment of Vardey, someone with “extensive experience at a senior level in various public and private companies”. He will work with Canaccord Genuity, the London investment firm chosen by Sportech as the lead financial advisor for its planned 2018 sale.

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