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April 9 - Phumelela, the biggest horseracing operators in South
Africa, reported a 17% revenue growth in the last half of 2007. Based on these
excellent results, the company is aiming to gain a foothold in the international
tote market, as well as develop more of a presence in the national market.
In its last financial report, Phumelela showed an increase of 153% in
international revenue, and 12% in national revenue. Altogether, revenue jumped
from R1.14-billion to a massive R1.34-billion. Revenues do not include a surplus
of nearly R28-million from disposing of its Bloemfontein racecourse operations.
Jim Tennant, Phumelela's CEO, was excited about the enormous potential of the
international market that was valued at as much as R100-billion. This was in
sharp contrast to the R500-million market value limit within South Africa.
The company has stakes in several offshore operations, including an indirect
stake in one of the only two licensed totalisator operators in Mauritius, as
well as the Isle of Man, where revenues increased by an impressive 462% in a
year on year comparison.
On a national level, Phumelela will start to develop night racing in its
Turffontein racecourse by building lights. An appeal against the move was
rejected by the courts and the company is expected to go ahead with its plans as
soon as possible.
The company is also hoping to expand its mobile platform and is awaiting to
hear the outcome of an arbitration ruling of legal action that it brought
against its insurance company, who refused to underwrite the cost of losses
incurred due to horse flu in the country.
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