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Boost for Wembley operating profits
Wembley has announced upbeat results for last year with the strategic objectives of continuing organic growth, the exploitation of assets through new media technology and the aim to unlock value for shareholders. Operating profits rose 14 per cent to £27.8m. Adjusting for £3.0m of start-up costs incurred in respect of new businesses established in the year, like for like operating profit increased by 27 per cent to £30.8m, compared to £24.3m in 1999. In November 2000, 24dogs and Wembley TV which are well placed to benefit from emerging technologies like WAP, high-speed mobile telephony and digital tv. It has also been decided that the Wembley complex will be sold prior to the redevelopment. Chair, Claes Hultman, is pleased with the progress: The financial results were excellent and considerable progress was made towards implementing the group's strategic objectives of unlocking the significant value within the group. It is likely that there will be a name change to distance the company from the stadium fiasco.
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