GAMING AND LEISURE
Overseas operations boost Phumelela
International diversification continued to pay off for Phumelela Gaming and Leisure
International diversification continued to pay off for Phumelela Gaming and Leisure in the year to July as growth from its international businesses offset a weaker performance from local operations, the company said on Friday. Phumelela’s shares added 1.3% to close at R19.40 after it declared a final dividend of 70c a share, bringing its total dividend for the year to 104c, unchanged from 2016. Net asset value is R10.14 a share. Gross income from local sports betting and media slipped 1%, to R1.21bn compared with 2016, but income from international operations surged 12%, to R307.5m. Income from fixed odds accelerated in the second half of the year but tote betting income declined, CEO Rian du Plessis said. Headline earnings a share gained 2%, to 167.96c, limited by rand strength against the pound, but in constant currency terms rose 30%, to 214.34c. The number of shares in issue increased due to the Supabets acquisition. Bottom-line profits from consolidated operations fell 15%, to ...
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