Horse racing data company TurfTrax has floated on AIM raising £3.2m and achieving a market capitalisation of £17.5m.
The Salisbury-based company has pioneered predictive technology for the sport and provides racecourses and bookmakers with information that allows them to get their odds as tight as possible.
Transmitters which track a horse’s performance are fitted into the saddle cloth and relay back real-time information which, combined with predictive technology, alter the odds as the race progresses.
The company has exclusive data rights for dozens of racecourse including Ascot, Newmarket, Cheltenham and other clients include Channel Four, The Racing Post and Ladbrokes.
The company is also using its form data to provide a white-label offering to bookmakers and media, recognising that its data can be reformulated for various interests.
Therefore TurfTrax, which has 30-staff, now appears to be well placed to take a slice from the UK’s betting industry, which was worth in excess of £10bn in 2006.
Adam Mills, the company’s chairman, said: “Since its inception, TurfTrax has built a highly regarded reputation for the professional delivery of data and services to the horse racing industry.
“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 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.”
Accountants Smith and Williamson was appointed by TurfTrax to work on its admission. The nominated advisor and broker for the flotation were City Financial Associates and Newland Stockbrokers respectively.
© Crimson Business Ltd. 2008
