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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Turftrax | LSE:TTX | London | Ordinary Share | GB00B29VTJ93 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.45 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TurfTrax Plc (`TurfTrax' or the `Group') First Day of Dealings TurfTrax Plc, the international horse racing data and data products origination and distribution company, is pleased to announce the admission of its ordinary shares to trading on the AIM market of the London Stock Exchange ('AIM'). Admission Statistics Admission price: 40p Number of Placing Shares: 8,000,000 Number of ordinary shares in issue immediately following admission: 43,980,188 Market capitalisation upon admission at admission price: £17,592,075 Group Overview The Group operates through four divisions; Tracking, Course Services, Betting Services and Ground Management Systems. Over the past six years the Group has established itself as a respected provider of data and services to the horse racing and other sporting industries. Following successful admission to AIM, it is the intention of TurfTrax to expand its commercial activities within the UK and international horse racing and betting markets to which it supplies technical services and data products related to the real-time, `in-race' speed and position tracking of race horses. By exploiting its tracking data, the Group has developed a betting product that for the first time enables the provision of fixed odds `in-running' betting with dynamically changing prices. The Board of TurfTrax believes that this new betting product represents the most significant product revolution within horse race betting in the past 20 years and anticipates the opportunity for the capture of significant revenues in the UK through revenue share agreements with established bookmakers who have distribution channels on track, in shop and online. In 2006, total horse race betting turnover exceeded £10bn in Great Britain alone, and generated the horse race betting industry approximately £680m of net win (gross profit less levy and gross profit tax). Adam Mills, Chairman, commented: `Since its inception, TurfTrax has built a highly regarded reputation for the professional delivery of data and services to the horse racing industry. Since that time, we have continuingly supplied products and services directly to the UK's top race courses including Ascot, Newmarket and Cheltenham, as well as providing a range of data services to leading media outlets including the BBC, Channel Four, The Racing Post and The Sun. We have now begun to enter into commercial arrangements with leading bookmakers and have had our core technology mandated by the British Horseracing Association. The recent development of our `in-race' betting product and successful flotation on AIM (when coupled with our established reputation within the industry) presents TurfTrax with the ideal opportunity to have a significant impact on horse race betting whilst generating the Group revenue streams on a global basis. We at TurfTrax recognise the prevailing trend away from traditional betting products to 'in-game' formats and are proud to be positioned to be the first company in the world to enable such betting with respect to horse racing. I would like to thank everybody for their efforts in bringing the Group to this point and look forward to reporting on progress over what we expect to be a significant year for the business'. Business of the Group The Group operates through four divisions, Tracking, Course Services, Betting Services and Ground Management Systems. Tracking The Group's Tracking division deploys a patented tracking system, comprising hardware and software, on racecourses which enables the collection and broadcast of real-time speed and positional data of horses during the course of a race. The tracking system comprises a lightweight transmitter (a "Mobile Tag"), placed in the saddle cloth of each horse in the race, data receivers at pre-surveyed locations around the racecourse and a central data position processor. The Mobile Tag transmits a signal at a rate of up to seven times per second from which speed and positional data for each horse is calculated. Using the Group's software platform, real-time data is processed and broadcast. This real-time data allows fixed odds in-running betting at a dynamically changing, automated price. The data also enriches the presentation of racing information on television, in the media and on on-course displays. TurfTrax Racing Data Limited has agreements giving it exclusive rights to deploy a tracking system to collect and commercialise speed and positioning data from 37 of the 59 UK racecourses. These rights give TurfTrax Racing Data Limited the opportunity to cover 66 per cent. of UK horse racing in 2008. These agreements are with Racing UK Ltd, a media organisation representing 30 racecourses and with Arena Leisure Racing Ltd who owns and operates seven racecourses including three of the UK's four all weather courses. The Group has provided data to media agencies and television production companies, such as Channel 4 and the BBC, who have used the Group's in-running graphics and form analysis in their broadcasts. In addition, TurfTrax Racing Data Limited also has an agreement with `Attheraces', a dedicated horse racing channel, to provide speed and positional data to complement its existing broadcast product. In October 2007, the Group, in conjunction with a development partner, launched the "Pricer", a software application that generates a continuously updating fixed odds price for each horse for the duration of a race. The price is generated through the integration of real-time speed, positioning and pre-existing data. A trial stand-alone terminal utilising the Pricer software has been installed in a licensed betting office in the UK and further installations are expected to be rolled out shortly. In 2006, total betting turnover in Great Britain was approximately £10 billion. Based on the Horse Race Betting Levy the net win on bets placed (gross profit less levy and gross profit tax) from UK horse racing was approximately £680 million for the year to March 2006. The Directors consider that the most significant revenue generating opportunity for the Group is from a revenue share of the net win available to a bookmaker through the provision of the fixed odds Pricer. Initial response from a significant part of the UK bookmaking industry has been positive and the Group anticipates launching a fully commercial product, capable of integration into a bookmaker's risk management system during the first quarter of 2008. In the UK, the Directors are not aware of any direct competitor in the fixed odds in-race betting market and expect to generate significant growth for the Group from this sector. To date, the Group has generated revenue from the sale of data and from the sale of a tracking system. Further opportunities for the sale of tracking systems in ten countries are currently being explored. The Group owns or has applied for patents in relation to the tracking system. Course services The Group recognised a commercial opportunity in the racing industry to provide courses with a scientific and objective measure of the Going. The Group's principal product is the GoingStick, which enables the Going to be analysed by measuring penetration and shear of the ground. Following a DGPS (Differential Global Positioning System) survey of the racing surface a detailed grid is created in which GoingStick readings are displayed creating a map of the Going on the course ("Going Map"). On 31 March 2007, the Horseracing Regulatory Authority initiated a 12 month mandatory trial for use of the GoingStick, on all 58 UK turf racecourses. Under this directive, all Clerks of the Course are required to provide a GoingStick reading at the declaration stages and on racedays. The readings are published alongside the Clerks' official Going reports. The Going Maps have also been broadcast by the BBC, Channel 4 and `At The Races' for major race meetings. The GoingStick has also been sold or leased by the Group in Australia, France, and Hong Kong. The Group has also supplied and installed fully automated weather monitoring systems to 26 UK racecourses. The Group is currently generating revenue from the sale of GoingSticks and from service charges in respect of the GoingStick and the automated weather stations. Betting services The Group operates an online, registration based, racing form guide, tipping service and news consolidator at www.TurfTrax.com. The website has approximately 27,000 registered users. Users can register free of charge which allows them access to most of the website's content. Premium website content and features are available for paying subscribers. For premium subscribers, TurfTrax.com includes a bespoke tipping service, "The Predictor", which applies a number of algorithms to publicly available data to derive statistics which determine a horse's chance in a race. The Predictor is available for all horse races run under regulatory authority rules in the UK and Ireland. A limited version of TurfTrax.com including The Predictor is available via mobile platforms. The Group generates revenue from a monthly subscription charge from premium subscribers and from white label form guides and content deals. Ground management systems The Group provides a consultancy service specialising in soil and surface engineering, including the use of non-invasive geophysical surveys. The Group generates revenue from the design, remediation and project management of new and existing natural and synthetic turf sporting surfaces for local authorities, racecourses, sports clubs and stadia. Copies of the TurfTrax AIM Admission Document are available from the offices of City Financial Associates Ltd. -Ends- For further information: Mark Kent TurfTrax Plc + 44 (0)1722 434000 Stephen Goschalk Newland Stockbroker Ltd + 44 (0)207 290 2414 Liam Murray City Financial + 44 (0)207 492 4777 Associates Ltd Andrew Tan Hansard Group + 44 (0)207 245 1100 END
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