PGA European Tour Courses, the golf course group in which Irish businessmen Mr Denis O'Brien and Mr Shaun Cunningham have shareholdings, has reported a 17 per cent increase in profits to £2.3 million sterling (€3.7 million), with turnover up 11 per cent to £8.4 million.

Mr O'Brien's Quinto do Lago resort in Portugal has a 10.7 per cent stake in PGA European Tour Courses, having sold a 2 per cent stake to Mr Cunningham six weeks ago. That sale came shortly before PGA disclosed that it had received an approach that might lead to a bid. But PGA said it has still not received any formal proposal.