31 October 2013 – acquisition
The group has announced the acquisition of Vernons.com, the e-gaming division of Sportech, for cash consideration of £3m which is being funded from the group’s existing cash resources. This strategic acquisition will enhance Netplay’s scale and product offering and significant synergy opportunities will allow quick and efficient integration. Vernons.com has a registered user base of 367,000 and operates an on-line casino, bingo, poker and sportsbook. The acquisition is expected to be earnings enhancing in its first year and we maintain our recommendation of BUY.