Sportech could be in for a major windfall

Undeterred that the bureaucratic process may take years rather than months, UK gambling group Sportech plc has launched a claim against HM Revenue and Customs to recover " excess of GBP 40 million" in overpaid VAT for its Spot the Ball game offered between 1979 and 1996.

"We caution that a successful outcome is not guaranteed and the process is likely to drag on for a number of years, but see the claim as yet another positive catalyst which is not, in any way, reflected in the current company valuation," Investec Securities says in a note to investors this week.

The broker highlights that the amount could increase to over GBP100 million including interest by the time the issue is resolved.

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