TurfTrax admits has failed to sign up a major UK customer for its Pricer software.
The Pricer software, which generates updating, fixed odds, in-running price for each horse during a race, has been on trial with bookmakers since April but, despite positive feedback, none of them want to sign a commercial contract. TurfTrax has decided to close its UK tracking division and its betting services division. It also plans to sell the ground management systems division.
It will still try and sell the tracking system internationally and try to use the technology in other sectors.
The core of the business will be the course services division. Its main product is GoingStick, which analyses the ‘going’ at a race course by measuring penetration and shear of the ground. The British Horseracing Authority is including the use of GoingStick in its general instructions from the beginning of 2009.
The overheads of the business will be reduced.
The shares have been on a constant downward track since the company joined Aim at 40p a share on 30 January 2008. A further 0.125p fall in the shares has taken them to 5.125p each, which values TurfTrax at £2.27m.
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