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Stanley's ahead after rollercoaster ride

21/ 7/2004

INVESTORS put their money on north west bookmaking and casinos giant Stanley Leisure today after the group posted a one per cent rise in pre-tax profits.

Shares in the Liverpool-based company surged 7.73 per cent, or 30p, to 418.5p, adding more than '35m to its market value.

Stanley said pre-tax profits rose from '41.3m to '41.8m on turnover of '1.66bn, up from '993m.

The 67 per cent increase in sales was partly due to huge growth for its fixed odds betting terminals, which enable punters to bet on 'virtual' games such as horseracing and roulette, and for 'across the counter' betting in its shops as more sports events led to the outlets staying open longer.

Shareholders will receive a final dividend of 6.75p, making a total of 9.5p for the year, up fom 8.6p.

Chairman Lord Steinberg, who lives in Hale. Said the year to May 2 was one of peaks and troughs. The betting division returned pre-tax profits of '34.2m, up 79 per cent on last year.

Bookies

There were more events to bet on and results ran much more in the bookies' favour.

The group is refurbishing 150 shops in a '30m programme and is rebranding them from Stanley Racing to Stanleybet.

This compensated for a difficult trading year at Crockfords Casino in London, where profits fell by '14.3m to '1.6m as several high-rollers enjoyed big wins. Overall, Stanley's 41 casinos turned in profits of '26m, down 31 per cent from '37.9m.

Lord Steinberg said: 'We would have liked a few more peaks and a few less troughs, but we have managed to achieve a creditable performance, despite considerable fluctuations in business and profitability.

'I am satisfied that we are progressing well in all areas.'