LIVERPOOL gaming and pools group Sportech said profits for the year are expected to be in line with forecasts today.
In a trading update for the year it said earnings before interest, tax, depreciation and amortisation should be in the region of £19.7m.
The Walton-based group, which operates the New Football Pools brand, also revealed that strong cash flows enabled it to reduce net bank debt by almost 10% to £72.3m, better than market forecasts.
Sportech confirmed the integration of its US betting business Scientific Games Racing after last year’s £51.4m acquisition is “at an advanced stage”.
It also expects to announce further distribution deals for its football pools business this year.
Chief executive Ian Penrose said: “2010 has been a transformational year for Sportech.
“We completed a major acquisition of Scientific Games Racing, positioning Sportech as one of the world’s leading suppliers and operators of pools and tote gaming.
“We have also continued to modernise our existing operations. In a tough trading environment the group continued to generate strong cash flows enabling material debt reduction.”
Liverpool stockbroker Panmure Gordon said today: “This is an encouraging statement, in our view, highlighting the continuing solid progress in what has been a transformational year for the group.”
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