Updates

Arena - New Attheraces substantially lower costs

October 2004

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Turnover for the first half to 30 June was £19.3m, a 12% increase in racing turnover to £18m, with the rest relating to Arena Online gaming technology which was closed in June. The closure represented a refocusing of strategy around the core racecourse business and a reduction in the cost base of its "new" Attheraces joint venture. Loss before tax and exceptionals was £0.1m. On the surface, Racecourse's operating profit might have appeared to have fallen from £3.8m to £3.7m but adjusting for the loss of the Attheraces revenue to the tracks, it was up by 16%. During the period, Arena invested £5.8m in refurbishing its courses (mainly Lingfield) and this lef ...

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