Strong turnover growth continues to be achieved at the 50 Irish betting offices owned by the Stanley Leisure group despite fewer race meetings due to waterlogged tracks.
Increased betting on Irish lottery results, football matches and greyhound races has more than offset lower betting on horseracing, says the company. With betting results less favourable to punters, Stanley Leisure's gross profits have shown a marked improvement.
Overall, group pre-tax profits were barely changed at £15 million sterling in the half-year to October 29th after allowing for £1.4 million costs on new Internet operations.
Betting turnover rose 12 per cent to £270 million and operating profit 27 per cent to £10.3 million. Gaming turnover rose 4 per cent to £61.5 million and profits by 5 per cent to £15 million.
Chairman Mr Leonard Stein berg says group margins have improved in the second half despite the loss of 75 race meetings since October. "All in all, we are comfortable with our performance," he adds.
The interim dividend is 9 per cent higher at 1.9p per share.
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