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ANNUAL REPORT 2009
FINANCIAL HIGHLIGHTS
- Adjusted operating profit* reduced by £3.1m to £19.5m (2008: £22.6m)
primarily due to the investment in, and underperformance of, our online
and e-Gaming operations respectively
- Adjusted profit before tax* reduced by £2.1m to £14.7m (2008: £16.8m)
- Net debt reduced by £6.1m to £79.9m (2008: £86.0m including deferred
consideration)
- Adjusted earnings per share (EPS)* of 10.5p (2008: 12.0p)
- Retained loss and loss per share (after significant non-cash amortisation
and non-cash exceptional costs) of £12.3m (2008: profit of £5.1m) and
12.2p (2008: 5.1p EPS)
- Revised banking facilities agreed and in place until 2013
POST YEAR END DEVELOPMENTS
- Acquisition of Scientific Games Racing (SGR), the pari-mutuel technology
provider and venue management business division of Scientific Games
Corporation, for a total consideration of up to $83.0m (approximately £51.4m).
The acquisition remains subject to certain international Regulatory Approvals,
which we hope will be forthcoming shortly. The integration plan for SGR
is at an advanced stage
- Successful fundraising to raise gross proceeds of £29.2m via a Firm Placing
and Placing and Open Offer at an issue price of 50p per share to part
fund the SGR acquisition, together with the acquisition shares due to
Scientific Games Corporation
- Creation of Joint Venture with Playwin, the leading Indian lottery and gaming
brand owned by Essel Group, to launch a multi-platform sports gaming
business in the Indian market
- £90.75m revised banking facilities secured on 31 December 2009 and
revised following the fundraising, which gives the Group the flexibility
it requires to develop organically as well as providing it with the ability
to take advantage of available business development opportunities
STRATEGIC AND OPERATIONAL HIGHLIGHTS
- Modernisation of many aspects of the business now largely complete resulting
in a significant upgrade and integration of the technology suite and a much
improved customer offering
- Resilience of core business demonstrated with customer recruitment
and retention at highest level in recent years, despite the challenging
economic backdrop
- Integration of Vernons business now complete with operational and
financial synergies continuing to exceed management's initial expectations
- Successful first season for the re-branded Football Pools business with new
and enhanced products and a community-based, football predictor website
- Increased visibility of The New Football Pools brand through media
partnerships with The Daily Telegraph, The Daily Mail, Metro and,
most recently, The Trinity Mirror Group
- Distribution through Licensed Betting Offices (LBOs) commenced
- Football Pools jackpot of £3m shared amongst 14 players last weekend
- 21 March 2010
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