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Arena Leisure pre-tax profits fall

By BFN News | 08:36 AM | Monday 01 August, 2011

Racecourse operator Arena Leisure's pre-tax profits fell to £0.5m in the six months to the end of June - down from £0.9m last time. Revenue (excluding Levy income) grew by £3.0m (15.3%) to £22.5m, reflecting the progress of the consumer business and increasingly diversified revenue streams. Total revenue decreased by £1.9m to £28.2m (2010: £30.1m) after the impact of the previously announced reduction in Levy funding received by the group of £4.9m. Profit before interest and tax decreased by £0.6m to £1.4m (2010: £2.0m) primarily as a result of a £1.3m net impact from the reduced Levy income. It also reflects a £0.6m improvement in operating performance and a £0.1m increased contribution from At The Races. Chairman David Thorpe said: "Despite the challenging back drop of reduced industry funding and the slow economic recovery, the consumer-driven operations of Arena's business have performed exceptionally well; most notably, posting attendance growth of over 11% in the period. "Our trading performance since 30 June 2011 is in line with the Company's expectations. "The media rights uplift from 2012 onwards is now on the horizon." At 8:36am: (LON:ARE) Arena Leisure share price was +2.63p at 37.88p Story provided by

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