Boylesports subsidiary delivers profit
Tom Flood Bookmakers swung to a profit of almost half a million euros last year after being acquired by rival bookmaker Boylesports.
The Dublin-based retailer, which had seven outlets when it was acquired in 2013, made a profit of €445,000 in the 57-week period to December 28, 2014. This compared to a loss of €26,000 in the 47-week period to 26 November 2013.
The firm is a wholly-owned subsidiary of Boylesports after being bought out by the bookmakers in 2013. It is due to be fully incorporated into the rest of Boylesports - Ireland's largest independent bookmaker with over 200 outlets - by the end of the year.
Revenue at Tom Flood jumped from €15.3m to €21m during the period. A spokesman for Boylesports said that sales grew by 19pc on a like-for-like basis, which he said was due to "the introduction of Boylesports pricing and investment in shop technology".
He also confirmed that Boylesports aims to grow its presence in the Republic of Ireland to between 240 and 250 outlets, although he did not specify over what time period.
"We are very happy with the Tom Flood acquisition and we will also continue to look at suitable acquisitions that fit our overall strategy," he said.
The firm is also weighing up a £130m bid for 600 shops in the UK that rival firms Ladbrokes and Gala Coral may have to sell off to get competition clearance for their planned mega-merger.