| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: TRAVEL & LEISURE |
Stanley Leisure issues profit warning |
|
Wed 05 Jan 2005
|
LONDON (SHARECAST) - Stanley Leisure took a turn for the worse today after the gaming group warned of lower results for the year following a string of unfavourable sporting results.
The casino operator and bookmaker warned that it now expects to report profits broadly in line with last year, though added that profits can change quickly and remain heavily dependent on sporting results and margins in its casinos.
Stanley said poor sporting results at its Betting operation have affected both the domestic and international betting businesses, while the Gaming division suffered material losses to a major player.
The Gaming arm has also had to provide for unpaid gaming debts, said Stanley, noting that while these should be collected the timing remains uncertain and may still be outstanding at the year-end.
Stanley said profits from its machines have continued to increase but said the growth has been insufficient to offset the problems at its core betting operation.
The group was also forced to play down bid speculation late last year after its chairman Leonard Steinberg sold 8m shares in the firm to Malaysian gaming giant Genting Berhad.
|
|
| |
|
 |
Front Page Stories |
 |
|
