ARENA LEISURE, Britain’s biggest independent racecourse operator, said yesterday that it was on track to deliver its first profit since 1999.
Shares in Arena Leisure raced ahead by 2 per cent to 48¾p as the group also dangled the prospect of a dividend payout in front of investors.
Roger Withers, Arena’s chairman, told investors at the annual general meeting that the company’s racecourse division had made a strong start in 2004.
“2003 was a year of continued progress. Our racecourse operations delivered record profits, record prize-money levels and record levels of attendance for the third year running,” he said. “2004 has, so far, seen the strong performance continue.”
The upbeat trading statement comes two months after Arena Leisure slumped to a full-year loss of £42 million, against a loss of £6.9 million the previous year. It took a massive hit on the demise of the attheraces satellite and cable TV channel.
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Arena — which has signed up to a new joint venture, called At The Races, with BSkyB — expects to receive a £50 million rebate from the racecourses for the termination of its old attheraces deal.
The company also announced that Ian Penrose, Arena’s managing director, would step up to the role of chief executive. His duties will not change significantly.
Mr Penrose, 37, has led Arena since May 2001. He joined the company as finance director in August 1998.
Formed in 1997, Arena hosts more than 1,500 races a year at its six racecourses.