Pentland plans sales push for Adidas
The plans were announced as Pentland reported taxable profits of pounds 19.7m for the half-year to 30 June, a 228 per cent surge. Earnings rose 160 per cent to 3.69p and the interim dividend is up 11 per cent to 1.04p.
The results reflect a leap in interest income from pounds 500,000 to pounds 14m thanks to a pounds 270m cash pile built up by the sale of the group's 13 per cent stake in Reebok, the sports shoe company, for pounds 400m in January 1991.
In 1981 Pentland invested dollars 77,000 in Reebook, then a struggling shoe company, and developed it into one of the world's leading sports brands. By the time it sold its stake in Reebok the initial investment had turned into a dollars 700m ( pounds 350m) profit.
It is hoping to repeat the success with Adidas, which has lost ground to its arch-rivals Nike and Reebok over the past decade.
Pentland will unleash its massive advertising assault in November, after the Adidas deal has been completed.
The campaign will be aimed particularly at the US, where Adidas has only a 3 per cent market share as opposed to 29 per cent for Nike.
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