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Sportech Plc Preliminary Results

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Sportech Plc Preliminary Results. March 2005. 2. Agenda ... 2004 financial results. Business review completed in Q1 2005. Forward growth strategy ... – PowerPoint PPT presentation

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Title: Sportech Plc Preliminary Results


1
Sportech Plc Preliminary Results
March 2005
2
Agenda
  • Highlights Roger Withers, Acting Managing
    Director
  • Financial Results Gary Speakman, Finance Director
  • Summary financial results for group
  • Financial performance by business
  • Strategy Developments Roger Withers
  • Summary Roger Withers
  • Questions Answers

3
Highlights
  • 2004 financial results
  • Business review completed in Q1 2005
  • Forward growth strategy
  • Football pools
  • New media betting and gaming
  • ITV opportunity

4
Financial Highlights
2003m
2004m
  • Strong casino turnover growth

Group turnover
330.4
497.0
  • Underlying Soft Gaming resilient, particularly
    football pools

Soft Gaming
22.4
22.0
  • Strong growth in Betting gross win

Betting
(2.5)
(2.1)
Operating profit 1
19.9
19.9
Profit before tax 2
13.3
9.6
Profit before tax 3
12.6
8.4
Earnings per share (p) 3
1.49p
1.00p
Net debt
114.7
112.8
1 Before goodwill amortisation, exceptional
restructuring and one off impact of Pools
Marketing Campaign 2 Before goodwill and
exceptional restructuring 3 Before goodwill
amortisation
5
Soft Gaming
Operating Profit
Turnover
2003 m
2003m
2004m
2004m
Soft Gaming
25.6
26.4
89.7
79.5
Football Pools
-
(3.2)
-
-
Net cost of one off marketing
25.6
23.2
89.7
Football Pools
79.5
(0.7)
(0.6)
Scratchcards
1.0
1.0
1.1
1.7
7.6
6.5
Other Games Lotteries
26.0
24.3
98.3
87.0
Established Soft Gaming
(3.6)
(5.5)
4.2
7.6
Interactive Development
22.4
18.8
102.5
94.6
Total Soft Gaming
  • 11 Pools revenue attrition
  • Pools profit margin 33.3 (200328.5)
  • Scratchcard losses not sustainable
  • ITVi agreement commenced March 2004

6
Betting
Operating Profit
Turnover
2003 m
2003m
2004m
2004m
Betting
0.1
0.7
147.5
319.8
Interactive
(2.6)
(2.8)
80.4
82.6
Telephone
(2.5)
(2.1)
227.9
402.4
Total Betting
  • Revenues up 77
  • Gross win up 68
  • 50 of gross win non sports book

7
Betting

8
Summary Cash Flow
2003m
2004m
22.0
19.3
EBITDA
  • Adverse cash impact of Pools marketing

(6.3)
(6.8)
Interest
0.4
(0.8)
Working capital
16.1
11.7
Trading cash flow
  • 6.5m advance profit share paid to ITV to date

- prepayments- capital
(2.5)(2.0)
(3.0)(1.2)
Interactive
(0.9)
(0.7)
Other capex
(0.6)
Sale of Technology Patents
-
(1.3)
(1.2)
Net restructuring cash paid
(3.1)
(2.7)
Taxation
m Rate Term Loan 78 LIBOR 1.38 Mezz
Loan 35 LIBOR 3.0 112
6.9
2.9
Net cash flow before financing
109.9
111.9
Bank borrowings
114.7
112.8
Net debt
9
Strategy Developments - Soft Gaming
  • Football Pools and Related Games
  • Strongly profitable, cash generative
  • 80 of pools market
  • Circa 1 million customers
  • Identifying low cost opportunities and utilising
    multi-channel presence

10
Strategy Developments - Betting
  • Expanding sports betting markets and betting in
    running
  • Launch of complementary products with single
    electronic wallet for Bet Direct interactive
    offer
  • Launch of Bet Direct mobile offer, March 05
  • Launch of Bet Direct online casino poker, April
    05
  • Continue growth of Littlewoods branded casino
    poker offer
  • Poker potential to be exploited via internet and
    television

11
Strategy Developments - Interactive Television
  • Interactive market growing
  • Established services on Sky Active, Attheraces
    and ITVi
  • Betting (Bet Direct) and Soft Games (Game On)
  • Average weekly revenues growing but ITVi revenues
    remain low
  • Red Button gaming just the start
  • ITVi presents a major opportunity, an exclusive
    space and min 4 years of contract remaining
  • 10m invested to date in ITVi partners committed
    to joint vision

12
Strategy Developments - Interactive Television
  • Road Ahead
  • Coronation Street The jewel in ITVs peak time
    crown
  • Daytime A core ITV strength
  • The night-time opportunity

13
Summary
  • Focus on profit generation and cost efficiencies
    across the group
  • Football Pools delivering significant free cash
    flow
  • Betting division delivering strong growth and on
    track to deliver profits in 2005
  • Longer term opportunities for growth from
    television gaming

14
Questions Answers
15
Contact Information
  • Roger WithersActing Managing Director0151 288
    3561roger.withers_at_littlewoodsgaming.com
  • Gary SpeakmanFinance Director0151 288
    3376gary.speakman_at_littlewoodsgaming.com
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