News blog
TurfTrax
- BY: Andrew Hore |
- POSTED: 06/02/2008 |
TurfTrax shares have nearly halved in their first eight days of trading.
The international horse racing data provider floated at 40p a share on 30 January. The shares fell 5p to 23.5p on the 6 February.
Customers include race courses and media outlets such as the Racing Post and Channel 4. Its tracking system, which uses a lightweight transmitter placed in the saddle cloth of each horse in the race, can measure real-time speed and positional data.
Turftrax was valued at £17.6m when it joined Aim. TurfTrax lost £924,000 on revenues of £644,000 in the six months to September 2007 so this was quite a high rating. In the prospectus the management talked about second half revenues being in line with the first. It also says it is in negotiations with potential customers for its tracking and betting services products.
Mark Kent, one of the directors, bought 4.750 shares at 45p each on the first day’s trading. One week later the chief executive and finance director have bought shares at 32p and 33p a share respectively.
TurfTrax is currently worth $10.3m.
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