Appointment As CEO, BETonSPORTS Plc
In July 2000, while it was still a privately held company, Carruthers was appointed as CEO of BETonSPORTS, and tasked with bringing the company to a stock market listing.
This he achieved in July 2004 when BETonSPORTS plc successfully listed on the London AIM stock market, and raised £54.6 million (at the time US$101 million).
At the time of the initial listing 48.1% of the company’s issued share capital was placed with institutional investors. The offering was underwritten by Evolution Beeson Gregory. It was the third largest IPO fundraising on AIM during 2004.
Carruthers oversaw rapid growth for the company, which more than tripled its operating profits during his tenure. He was appointed to the board of directors on June 18, 2004. BETonSPORTS had a turnover, for the year ended January 31, 2004, of US$1.6 billion. The Group generated a 276% increase in turnover over the period 1999-2004 and profits before tax rose from US$0.6m to approximately US$26m during the same period.
In the fiscal year ending Feb. 5, 2006, the company reported a 65 percent gain in operating profit on continuing operations to $20.1 million. The company said it handled $1.77 billion worth of bets for the year, up 25 percent.
As at Feb. 5, 2005 Carruthers owned 1,185,567 ordinary shares in the company (1.46% of the company based on 81.15 million shares outstanding), and had options for 3 million shares exercisable at £1.40 per share between 15 July 2007 and 15 July 2014.
Read more about this topic: David Carruthers
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