LONDON (ShareCast) - Racecourse Arena Leisure kept profits moving forward despite heavy rainfall knocking out two of its courses in the height of the summer.

Revenue in 2007 increased by 28% to £57.9m (2006: £45.3m), principally due to the re-opening of Doncaster Racecourse and the creation of a new catering business. Profit before interest and tax increased by 6.9% to £6.0m (2006: £5.6m). Pre-tax profits were little changed at £5.84m, up from £5.82m.

“The racecourse operations performed admirably, responding extremely well to very difficult trading conditions during the middle part of the year, and delivered an operating profit of £8.4m (2006: £8.7m),” Arena said.

Total attendances at 573,000 were up 12.4% (2006: 510,000). This growth was aided by the re-opening of Doncaster Racecourse, offset to a large extent by flooding-related closures at Southwell and Worcester.

Arena's share of losses at racing broadcast channel AtTheRaces fell to £0.2m (2006: loss of £0.8m) after tax.

"With Doncaster Racecourse successfully re-opened and looking forward to a full year of operations, Southwell and Worcester Racecourses restored following the summer flood damage and planning permission received for the major hotel-based developments, the board is optimistic that Arena will continue to make good progress in 2008," chairman Ray Mould said.

The dividend for they ear is 0.55p per share, up 7.8%.

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