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Sportech pledges £20m payout after pools sale

The gaming group's shares rose after it promised to return £20m to shareholders
Sportech pledges £20m payout after pools sale

News that Sportech (SPO) finally agreed to sell its iconic football pools business to private equity firm OpCapita for £83m - just months after shelving plans to flog it for £97m to Burlywood Capital - stole the headlines on the gambling specialist's results day. While accepting £14m less probably didn't impress investors, Sportech's pledge to return £20m of the proceeds to shareholders more than compensated.

IC TIP: Hold at 99p

That welcome update was enough to overshadow an otherwise underwhelming set of results, which on a statutory level (see table) were flattered by the £97m won late last year from a long-running VAT battle.

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