## Sportech’s Chief Executive Officer Steps Down
Sportech, a firm specializing in gambling technology, has declared that Andrew Lindley will be departing from his position as Chief Executive Officer.
Lindley assumed the CEO position last September and will not be seeking re-election to the board at Sportech’s shareholder gathering today. Although Sportech has not confirmed Lindley’s departure date, they have stated that he will continue to assist the company in completing ongoing projects in the coming months.
Sportech expressed their appreciation for Lindley’s efforts and contributions during his tenure as CEO.
Richard McGuire, the current non-executive head of the board, has been appointed as the executive chairman, effective immediately. This follows a string of departures from the Sportech board in recent months. Ben Vaughan resigned from his position as non-executive director last week, and Giles Vadie stepped down as independent non-executive chairman in April.
Prior to the shareholder gathering, Sportech also provided an update on their trading performance for the initial five months of their fiscal year 2022, indicating that it is in alignment with board expectations.
Sportech has declared that the sports betting industry is experiencing robust growth, with the company anticipating that wagering at its Connecticut locations will nearly match the total wagering for the entire year.
Nevertheless, Sportech also acknowledged that overall wagering, along with its food and beverage operations, continues to be affected by the COVID-19 pandemic, with turnover falling short of the 2019 full-year peak.
Regarding online performance, the remarkable surge in online wagering during the pandemic has slightly slowed down, as Connecticut’s new forms of online gambling have influenced the discretionary gambling funds available for Sportech’s traditional offerings.
However, Sportech stated that the introduction of sports betting has been highly favorable, and its board is confident that the company will achieve its anticipated enhancements in its venue operations to support a positive group EBITDA for the entire financial year.
Furthermore, Sportech announced that it has distributed a dividend of 7 pence per share to all registered shareholders as of May 6, 2022, as disclosed on April 27. The group’s total payout amounted to £7 million (€8.2 million/$8.8 million).
Sportech intends to unveil its half-year interim results for the six months ending June 30 on September 1.
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