Sportech says trading in line with expectations

12th May 2011 12:56

Sportech said it was trading in line with expectations but faced significant opposition to its directors' remuneration report at its annual general meeting on Thursday.The company, which operates and supplies football and horse racing pools betting in over 30 countries, announced it had been awarded contracts to provide interactive products and services to Balmoral Racing Club and Maywood Trotting Association in Illinois, USA."Trading for the current financial year has started well and we are pleased to report that the Group is performing in line with the board's expectations," said non-executive chairman, Roger Withers."The Group is highly cash generative, and continues to focus on debt reduction whilst investing in selective business development opportunities," he added.However, an AGM resolution to approve the directors' remuneration report for the year ended 31 December 2010 met with headwinds from voters.Over five-and-a-half million proxy votes were cast against the resolution, with 158m voting for it.The second most contested resolution garnered less than a quarter of a million 'no' votes.