Sportingbet has bought Australian bookmaker Michael Sullivan's customer database for £1.8m in a cash and shares deal, boosting its market presence Down Under. The database of about 600 clients will be integrated into its Australian onshore operations from the end of the month, building on its first move into the Australian market in March 2001 through the acquisition of Number One Betting Shop. Significantly, Sullivan has been a bookmaker in Australia since 1990, has a high profile in the industry and features as a TV racing-bookmaking expert. In the 2001 horse racing season, his business was the biggest oncourse bookmaker in Sydney in terms of revenue. In the year to September 2001, it made gross profits of £450,000 on £7.5m worth of sales. Back in October, Sportingbet's interim figures were very strong, showing sales up from £114.1m to £293.2m and pre-tax losses trimmed from £4.2m to £1.63m. Consensus forecasts for the full year suggest pre-tax profits of £13.3m and earnings of 8.57p, placing the company on a forward p/e of 15.6, close to the sector average. Considering Sportingbet's rate of growth, it deserves better.