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'Racing Post' on form for 1.51m profit after tax | Print |  Email
Wednesday, 18 June 2008

FL Partners, the Irish private equity company that acquired the Racing Post newspaper for £170m (€215.5m) last October, expects the title and its sister operations to make post-tax profits of £1.51m in the year to September and increase its annual net profit to more than £5m by 2012. Revenues in the year to September are expected to reach £49.63m. Led by financiers Peter Crowley and Neill Hughes, the investment firm was backed by Anglo Irish Bank when acquiring the assets last year from Trinity Mirror. It is understood that Anglo has a 53% stake in the business while FL Partners has 32%. The FL portfolio also includes Dublin-based bedding company Kayfoam Wolfson and Cavan-based power tool firm Tomsburg.

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