Paddy Pleased with First Five Months of '04
Shareholders at Paddy Power Plc (PAP.I)'s annual general meeting last week were told that turnover for the first five months of 2004 had increased by 18 percent as compared to the same period last year. The largest increase in turnover came from Paddy Power's betting shops, whose turnover rose 23 percent. Though one might expect the Dial-a-Bet and Internet divisions to have suffered due to the attheraces blackout, Internet betting turnover rose 7 percent, while the phone betting service posted a 14 percent rise in revenue.
HRI Reports Encouraging Betting and Attendance Stats
According to Horse Racing Ireland's chief executive, Brian Kavanagh, the organization's betting and attendance figures for the first six months of 2004 "are extremely encouraging and show that 2004 is likely to be another successful year for Irish racing." Off-course betting for the period increased by €196 million (22 percent) compared to last year to exceed €1 billion, while on-course bookmakers took €84.7 million in bets, an increase of €4.3 million (5 percent) over last year. Tote betting for the first half of the year rose €2.2 million (12 percent) to €20.2 million and total sponsorship money rose €273,326 (9 percent) to €3.4 million.
Chartwell is One of Canada's Fastest Growing Tech Groups
Deloitte & Touche has named Calgary-based I-gaming software provider Chartwell Technology Inc. (TSX:CWH) to the Deloitte Technology Fast 50, an annual list honoring the 50 fastest growing Canadian technology companies based on percentage revenue growth over a five-year period. Deloitte & Touche will make numerical rankings and figures for the companies available in September.
Upcoming Reports
Scientific Games Corporation (SGMS) will release its financial results for the second quarter of 2004 on July 28. The following day the company will host a conference call that can be heard via webcast. For more information, visit www.scientificgames.com.
Successful Year for Tote Insures Its Sale
The Tote's (UK) financial results for the year ended March 31, 2004 show several record performances across the business. The Tote's 457 betting shops received a gross win that increased by 40 percent as compared to last year's figure, due mostly to the implementation of fixed-odds betting terminals. Overall, gross win increased 30 percent from last year's £96.7 million to £125.2 million. The group's operating profits were a record £28.7 million, 53 percent greater than last year. Turnover on all pool betting increased by 22 percent to £269 million, with racecourse totepool turnover growing 16 percent to a record £123 million. The new betting site totesport.com drew 60,000 registered customers and £31 million in turnover while the telephone betting service took 11 million bets. Net profit rose 52 percent to £11.7 million. The Tote's success reinforces the British government's resolve to raise millions of pounds by selling the tote. If all goes according to schedule, the government will transfer ownership to the racing industry sometime in the fall and Tote should be an independent, stand-alone organization by January. It will retain its monopoly on pool betting for another seven years.
The Tote (UK) - Yearly Report