06 Mar, 2008
Matthew Goodburn | 13:05:16 | 06 March 2008
Racecourse operator Arena Leisure PLC (ARE
grew its pre-tax profits by 6.9% to £6 million in 2007 and
predicted good progress for the group in 2008.
The AIM listed stock has been well held in the UK retail space and
currently comprises 1.56% of New Star joint chief investment
officer Stephen Whittaker's New Star UK Growth fund New Star UK
Citywire sources indicate on 20 February Artemis's smaller
companies manager John Dodd owned 2.5 million shares or 0.69% of
the stock in his Artemis Alpha Investment Trust.
Until recently it was also a key holding in Nick Brind's New
Star Investment Trust, one of the few individual stock holdings in
the vehicle, which contains a proportion of New Star employees'
investments and a large part of chairman John Duffield's
Arena, which stages around one quarter of the UK's horse
racing, boosted its revenues by 28% to 57.9 million, primarily due
to the reopening of Doncaster Racecourse and the creation of a new
Chief executive Mark Elliott said he was 'delighted' the
group had produced in line results despite last summer's wet
weather causing a record number of cancellations and said the board
was optimistic Arena would continue to make good progress in 2008.
He added: 'Arena made significant progress with each of the
strategically important developments that will yield value in the
coming years, in particular the re-opening of Doncaster Racecourse,
the creation of a catering business and the receipt of planning
permission for hotels at Doncaster, Wolverhampton and Lingfield
Broker Landsbanki retained its 'buy' rating for the company
describing its update as 'positive' and adding that it was
in a unique position to exploit the development potential and
earnings growth potential of UK horse racing.
KBC Peel Hunt noted the group had done well to achieve a £6
million insurance settlement following flooding at the Southwell
track last summer.
At 12:50 am shares in the group were trading down 3.24% or 1.75p