Update - VAT repayment claim

RNS Number : 8309R

Sportech PLC

16 September 2014

 



16 September 2014

Sportech PLC ("Sportech" or "the Group")

Update - VAT repayment claim

Sportech, one of the world's leading operators and suppliers of pool and tote betting services, has been informed that the Upper Tribunal (Tax and Chancery Chamber) has ruled in favour of Her Majesty's Revenue & Customs ("HMRC"), in HMRC's appeal case relating to a VAT repayment claim on the "Spot the Ball" game. This follows the initial ruling last year of the First-tier Tribunal in Sportech's favour, and the payment by HMRC to Sportech of £93m in June 2014.

Sportech has been given until 15 October 2014 from the date of the written decision to decide whether to seek permission to appeal. The Group will update shareholders once a decision has been made.

Following this judgment, Sportech is required to repay the money received to HMRC in due course. The gain recognised in the 2014 interim financial statements will be reversed.

- ENDS -

For further information, please contact:

Sportech PLC                                                                                               020 7268 2400

Ian R Penrose, Chief Executive

Cliff Baty, Chief Financial Officer

Investec Bank Ltd                                                                                        020 7597 5970

Patrick Robb

Henry Reast

Peel Hunt LLP                                                                                               020 7418 8900

Dan Webster

Richard Brown

Brunswick Group LLP                                                                                 020 7404 5959

Mike Smith and Tom Williams

[e-mail]

 

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