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NEV Neville Porter

0.10
0.00 (0.00%)
17 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Neville Porter LSE:NEV London Ordinary Share GB00B1KKFP62 ORD 0.0444P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.10 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Acquisition

14/03/2007 12:19pm

UK Regulatory


    NEVILLE PORTER plc

                                  PITCH ACQUISITIONS - GALWAY 

Neville Porter plc ("Neville Porter" or the "Company"), a leading independent on-course and off-course bookmaker
operating in the UK and Republic of Ireland, has bought a racecourse pitch at Galway, Ireland for £240,000 in cash. 
This is the second pitch that the Company owns in the Republic of Ireland following the purchase of a pitch at
Leopardstown in December 2006. 

The Galway pitch is in a prime position which is an important factor in determining the footfall past the pitch and
hence the volume of business likely to be transacted.  Galway is a prestigious racecourse where one of the key festival
race meetings in the Irish horseracing calendar is held. 

This acquisition represents a fulfilment of the Company's strategy to further increase its presence in Ireland.  The
Irish market presents a strong business opportunity because bookmakers' margins are typically higher than those achieved
in the U.K.  Following the acquisition of the Leopardstown pitch in Ireland, the Company achieved an average gross win
margin of 15.4 per cent, compared to 9.2 per cent in the U.K.  This acquisition will also enhance the ability of the
Company to market its telephone betting service direct to Irish on-course customers; as the Irish market is a relatively
untapped market for U.K. bookmakers, the Company is optimistic that this will fuel growth in the number of telephone
betting accounts. 

In addition, the Company has acquired 4 new pitches at Newcastle Rails, Catterick Rails, Newmarket Rails and Haydock
Rails and sold one of its two pitches at Royal Ascot.  The Company made approximately £25,000 from the sale and
acquisition of these pitches.  Following these purchases, the Company owns 43 pitches in prime positions at 25 horse
racecourses across the UK and Ireland. 

Neville Porter, Managing Director of Neville Porter PLC said, "It is gratifying that we've been able to deliver evidence
of our growth strategy to investors so soon after the IPO."


Further information:

Neville Porter plc		07968 768914
Neville Porter
Brian Morton 	
	
SVS Securities plc		020 7638 5600
Richard Morrison
Peter Manfield	
	
ARM Corporate Finance Ltd	020 7512 0191	
Ian Fenn
Nick Harriss	
	
PGA & Co Ltd			07775 892 544
Peter Gaze	


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