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Coral Benefits From UK Betting Tax Reforms30 May 2002UNITED KINGDOM – As reported by Ananova: "Coral's profits have soared following Chancellor Gordon Brown's decision to drop the 9% tax on punters' stake money. "Interim core profits - before one-off costs - grew 90% to £38.7 million (US$56.7 million). "…Sales for the 28 weeks to April 14 were £709.4 million (US$1.03 billion), up 19% and gross profit was £113.6 million (US$166.4 million), a rise of 18%. "Earlier this week it was revealed that Morgan Grenfell Equity Partners, the owner of Coral, had opted for a trade sale of the group rather than a stock market flotation…" |