Bingo news

Top Ten Holdings Surge with Strong Annual Earnings Statement

Stock Market shares in bingo hall operator Top Ten Holdings surged after it revealed that it has experienced a sharp rise in annual earnings.

The third biggest bingo operator in the U.K., being the operator of London based Beacon Bingo Parlor Chain said that pre-tax profits advanced from 44.5% to 2.4m pounds for the 52 weeks ended March 26, 2006. Turnover during this time jumped from 70.5% to 23.7m pounds.

Top Ten commented on today's trading update that renovated bingo clubs give the most encouraging and positive results. The integration of the newly bought establishments was successfully completed and has provided the company with a stronger management team."

Top Ten Holdings, which recently received two unsolicited bid approaches, one of which is Macquarie, an Australian investment bank, which previously attempted the acquisition of the London Stock Exchange. The other candidates, Barclays Private Equity and Hermes Private Equity, are also keen on acquiring Bingo Beacon. Among the two, Hermes Private Equity is more familiar with the industry, having bought Mayfair Bingo, another chain of Bingo Clubs, who has eight branches across the United Kingdom just last April.


Tuesday, October 03, 2006
Donna Regan

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