PRETAX losses at Celtic Bookmakers, the independent bookmaking group led by former minister Ivan Yates, increased more than fourfold to €1.29 million last year.
In accounts just filed with the Companies Office, revenues at the group last year dropped by 19.8 per cent to €151.9 million in the year to July 25th last from €189.5 million
The group is 99 per cent owned by the Newstalk broadcaster and former Fine Gael politician and by Deirdre Yates. The accounts show the Wexford-based group’s losses jumped to €1.29 million from €300,547.
The group operates 60 bookmakers outlets in Ireland and Wales. The accounts relate to the group’s business in the Republic only. The directors’ report states that “in line with the economy in general, the company has experienced a difficult trading year”.
The report states: “The company has concentrated on cost reduction as opposed to expansion in the year to consolidate the business.” Numbers employed by the group over the 12-month period fell to 237 from 256.
The directors say that they “are confident that the company will return to profitability in future years as a result of the cost reductions implemented during the year”.
“The directors are also of the view that the company will continue to receive the support of its shareholders and the company’s bankers in relation to its future financing.”
