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Arena Leisure revenues fall

By BFN News | 09:23 AM | Tuesday 08 March, 2011


Horse-racing group Arena Leisure's pre-tax profits fell to £3.6m in the year to the end of December - down from £4.1m last time. The group - which owns and operates seven racecourses - said revenues fell to £64.0m from £65.2m but adjusted pre-tax profits increased by 10.4% to £5.4m. Net borrowings fell by £6.5m to £39.8m and the proposed final dividend is maintained at 0.38p per share. CEO Mark Elliott said: "Arena has produced another solid performance this year. "The group's increasing diversity of income streams has helped reduce the impact of the on-going difficult trading conditions facing the wider racing industry. "Arena continues to demonstrate operational excellence in its core business with industry-leading growth in average attendances at our racecourses. "Whilst we expect that 2011 is likely to be another challenging year, current trading is in line with expectations and Arena continues to maximise the various development opportunities inherent within its portfolio. "There is substantial upside to come from the maturing of the Lingfield Park Marriott Hotel revenues and the transformational media rights agreement with SIS which will deliver significant income uplift over the five years from 2012. "Arena remains extremely well positioned for growth into 2012 and beyond." Story provided by StockMarketWire.com

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