Tough times for sportsbetting provider

[jetset]

SPORTSBOOK SOFTWARE PROVIDER HITS HARD TIMES

Alphameric reports loss, announces review

Sportsbetting software provider Alphameric says it will be reviewing its business strategy after making a trading report that reveals a pre-tax six month loss of GBP 1.8 million, compared with a GBP 3.3 million profit in the previous year.

Revenue fell from GBP 36.5 million to GBP 24.6 million, mainly due to losses in the leisure business which develops and provides software to bookmakers. Overheads were 10 percent lower than the comparable period following the merger of the two operating subsidiaries late last year

The London-listed company is the holding group of now merged Alphameric Leisure and Alphameric Hospitality, two UK-based solutions subsidiaries, providing enterprise wide solutions to some of the the UK’s leading organisations.

The company’s extensive blue chip client base includes many of the UK’s leading retailers in the leisure sector such as Coral, Ladbrokes, William Hill, Stanleybet, Totesport and Betfred.

Peter Bertram, who was appointed group chairman in May this year, is to undertake the review, which will focus on key strategic goals, intended to improve shareholder value.

He commented: "The Group's core Leisure and Hospitality businesses are both well founded and positioned within their respective markets, but equally both need to adjust to the changing marketplaces in which they operate. This process of change is under
way and it is the Board's intention that it is carried through as quickly and effectively as possible.

"I believe that the actions that we are currently undertaking, combined with the ongoing strategic review, will, in due course, deliver value for all of the group's stakeholders.'