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Posted by: ian_go at September 22, 2005, 10:30 am

Topic: Poor results prompt Sportech warning Forum: Winner Online

LONDON (SHARECAST) - Betting group Sportech warned profit before tax and restructuring costs for the first half is expected to be £5.2m reflecting an 8% decline in gross win from the betting division due to poor sports results.

In a statement ahead of interim figures on 27 September, Sportech said second half profits before tax and restructuring will be similar, which in aggregate is below current market expectations for the full year 2005.

Additionally, attrition in the football pools business was higher than expected at 15% which has partly been offset by cost reductions, said the group.

Based on the trading performance since 1 July, Sportech said it expects the decline in football pools revenue to continue at levels similar to the first half.

It also expects a return to gross win growth in the betting division, but not at a level to regain the profit shortfall in the first half.

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