StockMarketWire.com - SportTech said it had terminated a formal sale process after it didn't attract adequate takeover bids amid a 'fairly challenging' start to the year.

The company said its earnings in 2017 would come in below expectations due to a number write-downs and accounting errors.

Trading in the first ten weeks of the current year, meanwhile, was impacted by weather-related softness in the Connecticut-based venues division, the company said.

Offsetting this, the racing and digital business secured new long-term contracts.

'As such, the board sees no reason currently to change its expectations for 2018,' Sportech said.

However, the company said it had identified a number of write-offs and restatements and now expected adjusted Ebitda in 2017 to be below expectations at around £6.5m.

The guidance included a series of accounting corrections, including write-downs of old stocks and doubtful debtors, it said.

Sportech also announced that it had appointed Andrew Gaughan as its new chief executive. Gaughan joined Sportech in 2010 following the acquisition of Scientific Games Racing.


At 8:41am: [LON:SPO] Sportech PLC share price was -43.4p at 34.4p



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