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Phumelela


Phumelala

Phumelela Looks Ahead to Local and Foreign Expansion

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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Phumelela


Phumelala

7/31/2008 4:06:46 PM
 
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